Given our long history of proactively working with federal authorities, Sterling Currency Group was completely surprised by the federal complaint and continues to strongly deny any allegations of wrong doing.
Sterling has been in business as a currency exchange company since 2004 and in that time has conducted millions of exchange service transactions with nearly 200,000 customers, maintaining an "A" rating with the Better Business Bureau from 2004 until we ceased operations involuntarily on June 3rd, 2015.
Sterling has spent millions of dollars and logged thousands of hours to ensure complete compliance with statutes and regulations in all 50 states as well as with the federal government. Additionally, the company has also proactively sought independent audits and inspections since 2007. It has requested and participated in meetings with officials from multiple federal agencies to ensure all actions of the company are above reproach.
The company has been registered with the United States Department of the Treasury, through the Department's Financial Crimes Enforcement Network (FinCEN) bureau, as a Money Service Business since 2006, and thus has participated in on-site examinations by FinCEN on several occasions.
Despite the statements in the civil complaint, every single business related to the owners of Sterling Currency Group is legitimate and is compliant with all state and federal laws. We believe the record will show that representations made about internal communications between employees at Sterling in the civil complaint filed by the federal government are inaccurate and taken out of context.
Sterling has repeatedly asked the government to return customer funds they seized on June 3, 2015 so that Sterling can satisfy the numerous outstanding orders that were in progress on June 3, 2015. To date, the government has refused to allow Sterling to complete or refund those outstanding orders.
As Sterling continues to work toward a resolution related to government actions that debilitated Sterling’s ability to operate, Sterling remains committed to taking care of its customers and satisfying outstanding orders as of June 3, 2015. We look forward to a positive resolution and are doing everything we can to expedite a satisfactory conclusion. Sterling will continue to update as more information becomes available. Thank you for your continued patience and understanding.
Sterling Currency Group, LLC’s Response to United States Attorney’s Charges
February 22, 2016
Statement by Sterling Currency Group, LLC regarding charges brought by the United States Attorney’s Office for the Northern District of Georgia.
In June 2015, the United States Attorney's office for the Northern District of Georgia obtained search warrants and filed a civil forfeiture complaint as part of an investigation into Sterling and the Iraqi Dinar industry. Since then, Sterling provided evidence it believes demonstrated to the U.S. Attorney’s Office that the central factual allegations in the civil forfeiture complaint were inaccurate, and in some instances flatly false. Despite that, the U.S. Attorney’s Office has brought criminal charges against Sterling’s two owners and its chief operating officer.
From Sterling's perspective, these charges are without any merit. Sterling, a lawful business which sold a lawful product, was owned and operated by law-abiding and conscientious individuals, two of whom served extensively in the United States Armed Forces. These executives worked hard to ensure Sterling complied with all state and federal laws and regulations. This included investing enormous resources into its compliance program and maintaining extensive legal and other professional counsel to ensure it was fully compliant with all applicable laws.
Sterling and the named individuals strongly deny the U.S. Attorney’s charges and look forward to vigorously defending themselves throughout this process and at trial.
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