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

Inside a $24 million investment scam: Buy the Iraqi dinar 102342219-9928c911c18afc99b3495daa9fe1ecb8c0896ba4.600x400

Inside a $24 million investment scam: Buy the Iraqi dinar 102342219-9928c911c18afc99b3495daa9fe1ecb8c0896ba4.600x400

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.

Inside a $24 million investment scam: Buy the Iraqi dinar 102342407-RTR38QU1r.530x298

Inside a $24 million investment scam: Buy the Iraqi dinar 102342407-RTR38QU1r.530x298

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

by **Ssmith** Sun Jul 17, 2016 12:38 pm

Another Dinar story that didn't make it to Dinar Recaps.

I wonder why???

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?