The Iraqi Dinar Scam

There comes a time when the facts are gathered and weighed in the balance. Opinions become validated or invalidated by the facts that support your point of view. I have said that the Iraqi dinar is a scam. Many people have disagreed with me. Now it seems that the state of Oklahoma has issued a warning regarding this currency back in 2012.

“Oklahoma residents have been offered unsubstantiated claims for extraordinary returns on Iraqi Dinar investments. High pressure sales techniques are used when offering the investment including stating this is a time sensitive investment that requires immediate action. The majority of these investments result in the Oklahoma investor’s complete loss of principal.”

“Irving L. Faught, Administrator of the Commission urges investors to learn the warning signs of investment fraud and independently verify any investment opportunity as well as the background of the person and company offering the investment. The Commission provides detailed background information about those who sell securities or give investment advice, as well as whether the products being offered are registered transactions. Visit the Commission website,, to check out the registration of a broker-dealer, investment adviser or investment products.”

Washington State issued a similar warning in 2011 part of which says,

“Several websites have recently begun advertising investment opportunities in Iraqi Dinars, the currency of Iraq. These websites are asking the consumers to send a check, wire, money order, or pay cash upon delivery of the Dinars. What consumers are not told is that the Dinars can be redeemed only in Iraq, as most of the established currency exchange houses and banking institutions cannot convert the Dinar to US dollars. Since no exchange exists for the Iraqi Dinar, dealers can charge whatever they want to sell and buy back the Dinars.”

Banks stopped selling the dinar at the beginning of 2011 following Wells Fargo’s purchase of foreign currency exchange in Ireland. Now the only place left to purchase the dinar is directly from the dealers. Forbes even calls this investment a Scam

There is a lot more evidence posted throughout this blog that shows that any investment in this currency is indeed a scam. Yet that does not seem to matter. Many people are willing to use emotion and hope to hold on to something that is not real in order to face tough times. Many people who invested are down on their luck. This investment seems to be their last hope and they become emotionally attached. You can’t use logic and reason with people who did not use logic and reason to arrive at their point of view.

Forbes even calls out investors for not being transparent

What can be done for the people who invested in this worthless paper?

As I have said in the past, I believe that if Iraq does redenominate that the dealers would vanish. They would be gone. I caught heat from many people for this point of view. My reasoning was due to the legal process. I reasoned that many people would figure out that they were taken advantage of. If the dealers began to get a lot of lawsuits, they would just close up shop and vanish. I think legally they would be held liable in both criminal and civil cases. This would be their motivation.

I have read on some forums were people have physically threatened those who sell dinar if they found out they were lying. So all this would provide the motive for the dealers to close shop. Now it seems that information has been collected for class action lawsuits against dealers and forums alike. If you are stuck holding dinar or if you took a loss you can now join the class action process. If the lawyers get enough people to sign up they will pursue the case. Here is a link to sign up.

For more information about this visit this link

By now most government agencies are calling this a scam and you have a right to file a complaint with the U.S. Securities and Exchange Commission.

People send me many stories about their experience with the dinar. This investment has caused more divorces and broken homes then I can count. Usually a spouse gets carried away with the get rich quick promises and believes the dinar is a sure thing. They tend to go overboard and sell everything they can get their hands on just to buy even more dinar. Why do people believe the dinar is a sure thing? They get this impression from different forums on the internet. Apparently, this link above is seeking information about dinar forums too.

So if you have been a victim of the Iraqi dinar investment you can now file a complaint and register to take part in a class action civil law suit. If you have not invested in the dinar but suffered the consequences from a family member investing in the dinar I would encourage you to tell your story as well. Was the Iraqi dinar the reason for your divorce? You would be surprised at just how many marriages were broken up as a result of a spouse going off the deep end! You can even use the form on this site to tell me your story as well. everything is kept confidential and I don’t sell or share any information. Many people have told me their story and that action has encouraged me to keep this site going. here is the link.

Scroll to the bottom of the page.

Book Update

Progress is being made on the book. It is finished and the cover is done. The final proofreading is almost complete. After that the copyright process starts. I will keep you posted as I get closer to release. Although the focus of this book is not the dinar it is used as an example to explain a few things. There is a whole chapter dedicated to the dinar and it is mentioned throughout the last part of the book.



8 thoughts on “The Iraqi Dinar Scam

  1. I recently gave $250 to a person supposedly in the know. This was for an account to be created. The 250 would act as minimal deposit to open the account. My wife and I received our dinars as a wedding gift from her father 11 years ago. (Gulf War vet) So we always thought of it as “well if it “happens it happens ” (RV) it’s not going to hurt us. But after all this time all these years. Her father called and said it’s happening. To go down soon he had been on the road as a truck driver and missed earlier attempts from his contact calling. Some guy from Canada.. ( I have his info) His same contact person for all these years also. Anyway her father had come on hard times in the past and ended up selling most of his dinars. He had millions at one point. So he called my wife his daughter and told her because we never touched ours.
    Thats the story so now we wait as this is suppose to happen this month as we were told. I look at it as I small price to pay to for potential millions. If a scam then Im only out half of the 250 her dad will owe me half lol.
    I’ll let u know what happens


  2. Iraqi Dinar revaluation is a must. You still can’t forget how many trillions of Iraqi Dinar were transported from Baghdad in agreement with the Iraqi government to supply Iraqi with its need of hard currency; usd dollar in a very unfair and cheap rate of 4000 Iraqi dinar for one dollar. Trillions of Iraqi dinar are at the us Treasury waiting for exchange when the right time comes; revaluation and deletion of zeros. As Bush said in early 2004: The war on Iraq will pay for itself.


    • Richard,

      Thanks for taking the time to read this post. I think you should probably read some of the other posts and look for the evidence I supplied to debunk some of these claims the Gurus make. The gurus have been saying this stuff for years, but it is not true.

      First, George Bush never said the war would pay for itself. You won’t find an audio clip or any evidence of that anywhere. because he never said it.

      Second The U.S. Treasury does not have trillions of Iraqi Dinar. I provided evidence to debunk this as well.

      The dinar may redenominate or it may just maintain the value it already has. The one thing it will not do is revalue 100,000 percent! or even a 1,000 percent which would be equal to 1 penny. No currency in the world has ever done this in their history for obvious reasons. The dinar has over 36 trillion in circulation outside of the banks.

      If you want links to back up what I said I would suggest you read the post on this blog called That’s a fact Jack. Also read the post called clarification for 40 facts

      you will find more than enough proof to verify that The U.S. does not have dinar and George Bush Never said the war would pay for itself. There are other links in there that will debunk other lies told about dinar.

      Get informed, arm yourself with the truth!


  3. Hi John,

    Believe it or not, even though an unregulated section of investments like hedge funds are open to just about anyone, they are strongly protected by the government. Brooksley Born tried to regulate the derivative market and hedge funds. She was shut down by Alan Greenspan and Larry Summers. But the government does not like anyone messing with fraud regarding hedge funds.

    The surprising thing for me was reading throught the indictment that was brought against the BH group. That was a real eye opener. There are a lot of things about the dinar that the government calls illegal in that indictment.

    As always thanks for commenting. I always appreciate your insight and input


  4. Oh I forgot to add: The BGG group ran into legal trouble due to the way they were operating a hedge fund related to IQD. While that realm is pretty free wheeling, it is far more regulated than being a “currency dealer”. All the sites proclaim “registered with the US Treasury”, but that only means they have sent in a form saying they are a currency dealer, and thus will be complying with the Bank Secrecy Act which requires them to report on transactions over $10,000 and other such things around detecting money laundering.


  5. Marcus- great work here. You are doing the ‘peoples’ work- thank you! Concerning the liability of forum operators; those that have systematically ‘banned’ members and contributors because they did not share the enthusiasm of the RV mirage and may have/had a different point of view, could be found to have civil and possibly criminal liability. I find it curious that these ‘folks’, most wrapped in the American flag and toting a 5 pound King James under one arm, have no problem in denying certain of their ‘members’ the most basic right guaranteed by our Constitution- Freedom of Speech- the First Amendment. Restricting the free flow of information, opinion and in some cases superior knowledge within the guise of a public forum could easily be construed as ‘conspiring to defraud’ by most $125 an hour lawyers. When this blows up, and it will blow up soon, I would not want to be a dealer or a forum operator or ‘moderator’. There will be class actions and those will be expensive to defend. Further, fraud pierces the ‘corporate veil’ so you you might as well have an umbrella in a hurricane as an LLC in a dinar action.


    • Mike, the constitution only provides the right of PUBLIC free speech. i.e. the government may not restrict your speech. As a private media outlet operator you are free to censor anything and anyone you want (which is an expression of the operators free speech). A forum operator is no more required to allow any and all points of view than the NY Times has to print every letter to the editor they receive. Also check the fine print on these sites in their “terms of service”. Here is a piece of the one from DinarVets:
      “All information posted on the Site is purely for entertainment and informational value and should not be relied upon for any purpose.”

      Read more:

      As long as no one “guarantees” a particular ROI, and adds boiler plate like that shown above, their sleazy rear ends are pretty well covered legally I think (though I am not a legal expert). That is one of the things that makes this such a sweet scam from the scammers point of view. The bar for civil suits is lower than for criminal charges, but still I’m not at all sure the dealers (the only ones with sufficient money to go after) will ever be held accountable for their misdeeds.


  6. Alas I suspect that if Iraq redenominates, that the dealers will stick around and just charge another 20% for folks to exchange their old dinars for new ones. They will never admit that the RV was always impossible, but just change the pitch to be that “well Irag decided not to RV, so the huge profits are not going to happen, but we can still see a slow rise back to $3, so exchange now and just hold out for a few more years”. Of course that is also not going to happen as the limit on the exchange rate will be unchanged (i.e. be about 15% headroom) after an RD and what Iraq wants is a stable exchange rate, not a rising one (fast or slow), and this is stated clearly in the founding documents of the CBI.

    An expression I just got from the Amazing Randi via an article on him in the NY Times applies perfectly: “the resiliency of the duped”. Once hooked on the scam, they will rationalize anything to prevent admitting they were scammed.


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