A South Dakota man accused in a scheme to sell smuggled Iraqi currency to investors outside the state has been sentenced to three years of supervised release.
David Olmsted pleaded guilty in May to unlawfully structuring financial transactions. Authorities say he violated federal import laws to ship dinars into the United States.
Olmsted was ordered to serve supervised released and pay back his victims $178,867. The plea agreement also calls for him to forfeit $1.2 million in cash and assets.
Federal prosecutors say the 60-year-old Olmsted, who also is known as Dale Cooper Jr., evaded federal reporting requirements by splitting shipments of Iraqi dinars into quantities of less than $10,000.
One U.S. dollar is worth about $1,200 dinars.
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