Frat President Charged With Stealing $267K to Buy Worthless Iraqi Dinars

DINAR SCAM

Will Sommer

Politics Reporter

Printed Jun. 14, 2019 1:16PM EDT 

REUTERS

The previous president of a fraternity group at Northwestern College has been charged with stealing tons of of 1000’s of {dollars} from the nonprofit he ran, together with allegedly stealing $267,000 to purchase into the Iraqi dinar rip-off.
Between 2006 and 2012, 77-year-old Peter Schellenbach ran a nonprofit dedicated to maintenance on the Sigma Chi fraternity home at Northwestern. However prosecutors say that Schellenbach transferred $460,000 to his private checking account to cowl yacht membership charges, bank card payments, and a big funding in almost nugatory Iraqi dinars.
Iraqi dinars are have little worth outdoors of Iraq, however a long-running rip-off in the US facilities on convincing naive traders that the foreign money is on the verge of being revalued. In principle, that may make anybody who holds dinars fabulously rich. Schellenbach allegedly spent $267,000 of the fraternity’s cash on shopping for dinars from Sterling Foreign money Group, whose homeowners have been convicted of fraud final 12 months. Prosecutors say Schellenbach misplaced the entire fraternity cash he invested in dinars. He pleaded not responsible, whereas the Northwestern fraternity was suspended by its nationwide group in February.

https://www.thedailybeast.com/northwestern-university-frat-president-charged-with-stealing-dollar267k-to-buy-worthless-iraqi-dinars