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Amibug Holdings, Sponsor of Defenders of Freedom Air Show, Accused of Defrauding Firm of $2 Million


Atlanta, GA -- (SBWIRE) -- 08/27/2012 -- Sterling Currency Group, LLC (SCG), has filed a lawsuit against Amibug Holdings, LLC, AltCharge (altcharge.com) and related individuals and entities to recover over $2 million in funds that AltCharge allegedly owes and refuses to pay. At the heart of the dispute is the fact that AltCharge allegedly took money from SCG’s customers and then refused to remit the funds to Sterling Currency Group in violation of their agreement. Amibug founder Gareth David Long is a primary funder of the Red Steel Jet Team, which will be performing at the Defenders of Freedom Air Show at Offutt Air Force Base in Omaha, Nebraska, on Aug. 25 and 26.

Omaha, NB August 23, 2012

In an interview today, Frank Bell, Chief Operating Officer of Sterling Currency Group, LLC (SCG), alleged that Amibug Holdings, LLC, the primary source of funding for the Red Steel Jet Team, has stolen “in excess of $2 million from our firm.” Sterling Currency Group announced May 12, 2012, that it has filed a lawsuit against AltCharge (altcharge.com) and related individuals and entities. The lawsuit was filed in the District Court of Clark County, Nevada, and alleges numerous breaches of the contract between the parties. SCG, a leading e-commerce currency dealer, alleges that AltCharge is holding in excess of $2 million dollars of SCG’s funds in violation of the parties’ October 2011 contract.

According to Frank Bell, “it is of great concern that the leader of the Red Steel Jet Team is a newly minted Private Pilot with less than a year of experience as a licensed pilot”. Gareth David Long was granted his Private Pilot License in November of 2011 according to Federal Aviation Administration records. Generally pilots operating high performance jets in close proximity to crowds have over 10 years of experience, military training in high performance jet aircraft or both. Frank Bell, an Airline Transport Pilot with thousands of hours flying jets all over the world stated: “I believe it is a serious lapse in judgment and safety awareness to allow a team led by an inexperienced private pilot to fly high performance jets anywhere near a public gathering.”

Among the causes of action, the Complaint alleges breach of contact for non-payment of balance due; breach of contract for excessive reserves belonging to SCG being held by AltCharge; conversion; money had and received; breach of fiduciary duty; alter ego; and punitive damages.

“We’ve spent a great deal of time, effort and money developing and integrating the eCheck system,” said Frank Bell, “and are extremely disappointed in the actions of AltCharge and their related companies. At this point, we are prepared to prosecute to the fullest extent of the law.”

According to the Complaint, AltCharge allegedly engaged in wrongful conduct when they collected funds from Sterling Currency Group’s customers but failed and refused to make payments due to SCG. The lawsuit further alleges that AltCharge breached its fiduciary duty to SCG by refusing to provide SCG any verifiable information about the whereabouts of SCG’s funds.

According to court documents, it has since been discovered that AltCharge functioned as an illegal Money Service Business (MSB) by not registering with the United States Department of the Treasury and as an illegal Money Transmitter by not registering and licensing with the State of Nevada. The MSB Registrant listing of the Financial Crimes Enforcement Network (FinCEN) bureau of the US Treasury Department is available at http://www.fincen.gov/financial_institutions/msb/msbstateselector.html.

Sterling Currency Group has been in business with an outstanding reputation since 2004 and is a registered Money Service Business with the US Treasury Department. The company has extensive resources and is committed to exchanging currencies for its customers at any time.

Sterling Currency Group has successfully undergone multiple audits by the Bank Secrecy Act Compliance Department of the U.S. Internal Revenue Service. Sterling Currency Group is fully compliant with government and industry regulations.

For more information on Sterling Currency Group, LLC, visit http://www.sterlingcurrencygroup.com or call 888-346-2771. Copies of the lawsuit and related documents (case A-12-659426-C) are available from the Clerk of the District Court of Clark County, Nevada, at 601 North Pecos Road, Las Vegas, NV 89101; (702) 455-2385.

About Sterling Currency Group
Started in 2004, Sterling Currency Group was formed to provide the New Iraqi Dinar to individuals and organizations around the world who did not have direct access to exchange markets in the Middle East. After initially providing New Iraqi Dinar to major U.S. dealers and large individual investors, Sterling Currency Group established DinarBanker in order to deliver its services directly to individuals via the Internet.