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, securities.ok.gov, 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.
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.