Inside a $24 million investment scam: Buy the Iraqi dinar
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Inside a $24 million investment scam: Buy the Iraqi dinar
by roxy22222222 Sat Jul 16, 2016 11:23 pm
$24 million Iraqi currency scam.
A group of men were recently sentenced in a $24 million fraud involving Iraqi currency, reports CNB
According to prosecutors, a group of men behind an Iraqi currency scheme created a pitch that included war hero tales to lure potential investors.
"You have someone who is out there ... who is soliciting millions and millions of dollars from people just making stuff up," said Steven Dettelbach, U.S. attorney for the Northern District of Ohio.
The opportunity was pitched as a way to profit from a nearly worthless Iraqi dinar. Scammers promised profits were nearly guaranteed if investors bought dinars at today's values, and then exchanged the dinars back for dollars at a later date once the dinar exchange rate presumably improved.
Saad Shalash | Reuters
A customer counts Iraqi dinars at a money changer in Baghdad.
Investors bought the currency through the firm BH Group, which charged a 20 percent markup on average, according to prosecutors. Some of the scammers also touted false military achievements, prosecutors say.
By the time the scheme unraveled, federal officials say victims handed over nearly $24 million to the con men for the Iraqi currency they thought would make them rich.
http://www.cnbc.com/2015/01/15/inside-a-24-million-investment-scam-buy-the-iraqi-dinar.html
A group of men were recently sentenced in a $24 million fraud involving Iraqi currency, reports CNB
According to prosecutors, a group of men behind an Iraqi currency scheme created a pitch that included war hero tales to lure potential investors.
"You have someone who is out there ... who is soliciting millions and millions of dollars from people just making stuff up," said Steven Dettelbach, U.S. attorney for the Northern District of Ohio.
The opportunity was pitched as a way to profit from a nearly worthless Iraqi dinar. Scammers promised profits were nearly guaranteed if investors bought dinars at today's values, and then exchanged the dinars back for dollars at a later date once the dinar exchange rate presumably improved.
Saad Shalash | Reuters
A customer counts Iraqi dinars at a money changer in Baghdad.
Investors bought the currency through the firm BH Group, which charged a 20 percent markup on average, according to prosecutors. Some of the scammers also touted false military achievements, prosecutors say.
By the time the scheme unraveled, federal officials say victims handed over nearly $24 million to the con men for the Iraqi currency they thought would make them rich.
http://www.cnbc.com/2015/01/15/inside-a-24-million-investment-scam-buy-the-iraqi-dinar.html
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Re: Inside a $24 million investment scam: Buy the Iraqi dinar
by Ssmith Sun Jul 17, 2016 12:38 pm
Another Dinar story that didn't make it to Dinar Recaps.
I wonder why???
I wonder why???
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Join date : 2012-04-10 -
Re: Inside a $24 million investment scam: Buy the Iraqi dinar
by ChicagoRJW Mon Jul 18, 2016 7:20 am
Banks are on lockdown, they need to learn how to cash a check for cash so they are all sleeping on floors at their banks. Sound reasonable to all of you?
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Join date : 2014-09-12 -
Re: Inside a $24 million investment scam: Buy the Iraqi dinar
by RamblerNash Sun Dec 20, 2020 10:18 pm
And it's just like the energizer bunny. It just keeps going, and going...
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