The Council of Better Business Bureaus is warning consumers across the United States and Canada to be wary when considering foreign currency investment, particularly alleged investment deals for the Iraqi Dinar.
The Better Business Bureau of Chicago and Northern Illinois has seen a recent spike in consumer complaints focused on Dinar investment. The BBB continues to field an increasing number of complaints from around the world, with many coming from military personnel claiming fraud over Dinar investment deals.
According to BBB Chicago and Northern Illinois President & CEO Steve J. Bernas, “our office has received 77 complaints concerning United World Exchange from consumers in 33 states and eight countries including Singapore, Australia, Malaysia, Canada and Iraq.
United World Exchange, purportedly of Oak Brook, IL, doing business as “US Dinar,” has been selling Iraqi Dinars through their website – www.usdinar.com – on the premise that buying the Dinars could be a great investment if the value of the Iraqi money were to increase.
Potential investors claim to have bought Iraqi Dinars for anywhere between several hundred to several thousand dollars, with the hope that this may possibly be a lucrative investment for them if the value of the Dinars goes up.
Consumers report that United World Exchange/US Dinar is allegedly selling Iraqi currency online and is not providing consumers with what they have purchased, nor are they giving the potential investors their money back.
Bernas went on to say many civilian contractors and soldiers serving in Iraq have also filed complaints with the BBB from abroad and most have reported the same type of experience. He also noted that United World Exchange/US Dinar has stopped responding to the BBB.
A BBB representative visited the supposed Chicagoland location of United World Exchange/US Dinar. However it turns out the address is for a company renting office space. No representative for the United World Exchange/US Dinar was available on site.
“Anyone who trades in foreign currency should be an expert in that vehicle and you are better off participating in the growth of the American economy by investing in a good growth mutual fund,” commented William E. Braun, Jr., CFP(r), Financial Educator/Counselor, Fleet and Family Support Center at Naval Station Great Lakes.
Bernas added, “The alleged investment opportunity is especially concerning because it involves taking advantage of all investors including our men and women who are serving in our military both overseas and in this country.”
Consumers who have purchased Dinars and have not received them are urged to report the issue to the Chicago and Northern Illinois BBB office via their Web site, www.chicago.bbb.org or by calling 312.832.0500.
