News and Press Releases

Lead Man Indicted for Business Transactions Affecting Interstate and Foreign Commerce

March 17, 2011
Contact: Mark E. Salter
Assistant United States Attorney

U.S. Attorney Brendan V. Johnson and S.D. Attorney General Marty Jackley announced that a man has been indicted by a federal grand jury for transmitting business (selling Iraqi dinars) which affected interstate and foreign commerce.

David Olmsted, age 58, of Lead, was indicted by a federal grand jury on March 15, 2011, for a total of 40 counts, for Operation of an Unlicensed Money Transmitting Business, Failure to Report on Exporting and Importing Monetary Instruments, and Unlawful Structure of Transactions to Evade Reporting Requirements. He appeared before U.S. Magistrate Judge Veronica L. Duffy on March 16, 2011, and pled not guilty to the indictment. The maximum penalty upon conviction on each count is five years of imprisonment and/or a $250,000 fine. The charges are merely accusations, and Olmsted is presumed innocent until and unless proven guilty.

The South Dakota Attorney General’s Consumer Protection Division has received 11 formal consumer complaints and expects several more complaints to be filed within the next week. Consumers who believe they are a victim of this scam are asked to contact the Consumer Protection Division at 1-605-773-4400 or by email at

The investigation is being conducted by ICE, and Assistant U.S. Attorney Sarah B. Collins is prosecuting the case. Olmsted was released on bond pending trial.




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