Collapse of the Warka Bank

[20MillionDinar]

Only one I have read about with any kind of facts attached was from "being stonewalled by Warka" and his big problem was that he couldn't withdraw all 125k at one time when it clearly states on Warka's site that there is a 10k max withdrawal per day, and he couldn't stay up past 12:30 at night to make a call to verify. Red flags, sure....all lost not convinced by a couple of negative posts.

Look at the top of this page:

Sonny1 states:

i am not a warka guy, but a few of my close friends who have a lot of money in warka have come to the conclusion that they will never see that money again. oh did i mention that they have been trying to contact warka for 6 weeks with no response.

call your lawyers

good luck to you guys

Sonny1 helped start this site, he is one of the most reputable people here! I'm sorry if the situation makes you feel uncomfortable, it should, but don't take it out on me. I'm just connecting the dots. I am sorry to those who have money with Warka, but if you don't want to believe now, then time will tell.

Edited February 27, 2012 by 20MillionDinar

[rdm5130]

Don't think anyone is taking anything out on you or anyone else. Just stating that nothing is concrete on any end of this very speculative investment. But to say all is lost without any solid proof is a little far fetched if you ask me. As mentioned everywhere on this site don't invest more than you can afford to lose......but to advise to get a lawyer....talk about throwing good money after bad...

[mqchau]

So are we all saying having a Warka account is a bad idea now?

I'm glad I have some CASH Dinar along with Warka. I went half and half just in case **** like this happened. I sure hope all of this isn't true but we all don't know what is going on.

Go RV...

[ssmith]

i am not a warka guy, but a few of my close friends who have a lot of money in warka have come to the conclusion that they will never see that money again. oh did i mention that they have been trying to contact warka for 6 weeks with no response.

call your lawyers

good luck to you guys

I hope this is not true; for all the DV members sake; who have money in Warka. Thanks Sonny..

[abitskeptic]

I have an account with Warka and wanted to let people know that I have made contact with a Senior Executive at Warka several times over the last week. The only change that

I noticed is that I can't login to my internet banking. I will be emailing him again tonight about whats going on and see if I can get some answers.

[Goldiegirl]

I have an account with Warka and wanted to let people know that I have made contact with a Senior Executive at Warka several times over the last week. The only change that

I noticed is that I can't login to my internet banking. I will be emailing him again tonight about whats going on and see if I can get some answers.

Not to impressed with your name. First post and it's also negative.

Sorry not feeling the same tension as your are. Perhaps we will hear from Adam on this. I can log onto my internet banking just fine thank you.\

Oh and what senior executive would that be? We all know Mr. I answers our emails. You have a special contact?

[DoD]

I hope I don't get banned again for making a comment not popular to the gurus on this site BUT...I will attach a SELL I made from Warka on the ISX WITH the date on

it. It's just hard to sit here an read all this Warka Bank fear mongering and a few lies thrown in to boot. I can't help but laugh at the newbies for their concerns over me

loosing all my money in my Warka accounts...This is the free shares I sold last week, so NO, I didn't loose all my money, I made money.

xxxxxxxxx Sell Stocks acc.xxxxxxx 16/2/2012

No. Shares price /share No. * Price Commission (No.*Price)-commission

Dar Es Salam Bank 9999 3.38 33797 338 33459

Middle East Bank 39286 1.89 74251 743 73508

Total Price + Comission: 106967

[abitskeptic]

No I don't have any special contacts. Same as you. Just trying to stay positvie about Warka. I have a lot of money there as many others do and just making sure I don't get taken advantage of. I would like to say, I have owned this currency for many years now and understand the risks involved. I don't like being negative or to bring others hopes and dreams down, but you have to realize that there is a good chance this doesnt play out as well as we all had hoped. The best I see happening for us is that we will double or triple what we put in, but to think we will become millionaires is far from a reality. I hope and I pray that what i have said is wrong, but to ignore this possibility is just as ignorant as the people that tell us we will get a 3 or 4 mil/mil iqd return on this invertment. Please don't hate, it's just one opinion.

[b0bbyb0b0]

I was looking in to opening an account with Warka so I could collect interest on my investment while I waited for an RV. However, I got concerned when I read this article, so I started looking in to it. As I searched for references to verify this article, I found this exact article posted on three other dinar speculation websites (similar to dinarvets.com). However, when I went to the link that supposedly has the originating article (http://www.ipairaq.c....onomy&id=51686) the article does not exist there. This is a big enough news story it would be carried by numerous news outlets inside and outside of Iraq. I have silently followed the dinar news for years and I have seen many forged "articles" designed to get you to purchase more paper dinar from dealers. I suspect this may be one of those articles. I don't think Sonny1 originated this article, or even suspected it to be false. But as usual, time tells us that there isn't much credibility in what this article is saying.

I will probably still open my account with Warka and hope for a strong RV.

[Frank61]

Not to impressed with your name. First post and it's also negative.

Sorry not feeling the same tension as your are. Perhaps we will hear from Adam on this. I can log onto my internet banking just fine thank you.\

Oh and what senior executive would that be? We all know Mr. I answers our emails. You have a special contact?

I agree Goldiegirl. I can login and Mr. I always gets back to me. This Warka bashers are really starting to annoy me. Most of them dont even have ISX or warka accounts and they claim to have all this info. They are just hoping Warka goes down so they can laugh at us. They dont even belong in this investment. Ive been listening to this kind of crap for 3 years that Ive had my account. No guts-no glory !!

None of these doom and gloomers has any credibility.

[katersue]

They were paying pretty good interest rates from what I understood. If it sounds to good to be true, it probably is.

[Jon S.]

They were paying pretty good interest rates from what I understood. If it sounds to good to be true, it probably is.

Not "they were" but "they are paying pretty good interest rates". 7% every 6 months and that is the truth. Continue to bank where you live and not receive anything above 1% a year, even on a CD.

Most of us with Warka accounts are perfectly happy and not in the least bit worried. I have a debit mastercard and use it all the time with no problems. Just like any bank. Over the last few years, I have withdrawn only 6 months worth of interest which is more than the deposit I sent years ago.

Edited February 28, 2012 by Jon S.

[Goldiegirl]

If it sounds to good to be true, it probably is.

I'm actually surprised at this comment for a Plat VIP. To go all that way in this investment with many saying the same about the potential gains in RV.

[Frank61]

I'm actually surprised at this comment for a Plat VIP. To go all that way in this investment with many saying the same about the potential gains in RV.

Goldiegirl these people make me angry. Iraq is a great investment and the world is going to see how they emerge. I worked for almost 1 year in Iraq. I believe in this country. Study history...it repeats itself. I also believe liin Adam Montana.

[normand]

My account is still showing and active.

[Goldiegirl]

Not "they were" but "they are paying pretty good interest rates". 7% every 6 months and that is the truth. Continue to bank where you live and not receive anything above 1% a year, even on a CD.

Most of us with Warka accounts are perfectly happy and not in the least bit worried. I have a debit mastercard and use it all the time with no problems. Just like any bank. Over the last few years, I have withdrawn only 6 months worth of interest which is more than the deposit I sent years ago.

Thank you for your positive post.

[hoopdog]

Not "they were" but "they are paying pretty good interest rates". 7% every 6 months and that is the truth. Continue to bank where you live and not receive anything above 1% a year, even on a CD.

Most of us with Warka accounts are perfectly happy and not in the least bit worried. I have a debit mastercard and use it all the time with no problems. Just like any bank. Over the last few years, I have withdrawn only 6 months worth of interest which is more than the deposit I sent years ago.

I'll stick with my 4% interest rate right here in the United States, it's called a credit union. Check them out

[SPRAYERDUDE]

Breitling is Warka's favorite customer. I couldn't tell you how many people opened Warka Acct's due to his sales pitch and HOW TO INVEST IN THE I.S.X. BULL$7iT. Got a feeling he is going to come crashing down, I listen to him but his uneducated way of talking always disturbed me. If this article is true Millions have been lost by anyone that put their trust in a unverifiable self claimed 39 year old millionaire that's buddies were shut down by the FED's?

Edited February 29, 2012 by SPRAYERDUDE

[Alexyn1006]

I have sent a detailed inquiry email to Warka. I was able to log into my account easily. It still shows a balance for IQD and USD. Of course, it's all electronic numbers, as it is as soon as we wire money over to them. Is this my actual balance? Who knows? I only have within those accounts, the minimum of IQD/USD that was required to open the accounts.

Wasn't Citigroup/Bank their Mother bank? I wired the money to the Warka account through them. If Citigroup handled the wire, is Warka a subsidiary of them? If it is, then the funds should be backed/insured. Anyone have any solid information on this?

I've also emailed Phoenix to see if he and Lakehouse can come up with any answers regarding the article posting that started this thread and/or if they have any info on this. I will post any replies I receive here.

Everyone holding Warka accounts has my prayers for protection of your assetts, as well as a prayer that the truth shall be brought into the light asap.

Ipa_news@yahoo.com This is the email address to contact the editor of the online news group that supposedly initially reported this article, which, by the way, I cannot find on the website.

Edited February 29, 2012 by Alexyn1006

[BrokeNoMore]

I have sent a detailed inquiry email to Warka. I was able to log into my account easily. It still shows a balance for IQD and USD. Of course, it's all electronic numbers, as it is as soon as we wire money over to them. Is this my actual balance? Who knows? I only have within those accounts, the minimum of IQD/USD that was required to open the accounts.

Wasn't Citigroup/Bank their Mother bank? I wired the money to the Warka account through them. If Citigroup handled the wire, is Warka a subsidiary of them? If it is, then the funds should be backed/insured. Anyone have any solid information on this?

I've also emailed Phoenix to see if he and Lakehouse can come up with any answers regarding the article posting that started this thread and/or if they have any info on this. I will post any replies I receive here.

Everyone holding Warka accounts has my prayers for protection of your assetts, as well as a prayer that the truth shall be brought into the light asap.

Ipa_news@yahoo.com This is the email address to contact the editor of the online news group that supposedly initially reported this article, which, by the way, I cannot find on the website.

International banks work by having accounts for other banks at their bank.

Warka has an account at Citibank NY, and at Commerzbank in Germany.

[Alexyn1006]

I sent another detailed, inquiring email to the editor of this online news source. Again, I'll post any info I receive regarding a reply, if they do ;-).

International banks work by having accounts for other banks at their bank.

Warka has an account at Citibank NY, and at Commerzbank in Germany.

Okay, thank you for your reply. Does this not mean that if they (Warka) hold an account at another bank in the US or Germany, that they (Warka) are also covered by an FDIC or similar protection of the Umbrella bank? Thank you.

[dog53]

I have stashed dinar in my freezer. in my golf bag. buried some in coffee cans. in gun totes. I have dinar stashed everywhere. My friends told me I was crazy I needed to take all that dinar and open a warka account where it will be safe. hahahahaha

Iraq safe????? hmmmmmmm

[20MillionDinar]

I sent another detailed, inquiring email to the editor of this online news source. Again, I'll post any info I receive regarding a reply, if they do ;-).

Okay, thank you for your reply. Does this not mean that if they (Warka) hold an account at another bank in the US or Germany, that they (Warka) are also covered by an FDIC or similar protection of the Umbrella bank? Thank you.

Citibank is a "corresponding bank" in regards to Warka. This DOES NOT mean that Warka funds are covered by the FDIC. A correspondent account is an account (often called a nostro or vostro account) established by a large banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for smaller financial institutions.

EXCELLENCE AWARD - CITIBANK - WARKA BANK

Our bank is happy to inform our distinguished clients that Warka Bank for Investment and Finance has been just awarded Citi Performance Excellence Award for executing and directing the most payments to Citibank then any other bank in the MENA Region where the award was personally handed to our CEO - Chairman Mr. Saad S. Al-Bunnia.

Our bank will continue to direct all its payment and business through our US corresponding bank enhancing our banking relations accordingly.

http://www.warka-ban...p?type=3&id=107

Edited February 29, 2012 by 20MillionDinar

[Alexyn1006]

Citibank is a "corresponding bank" in regards to Warka. This DOES NOT mean that Warka funds are covered by the FDIC. A correspondent account is an account (often called a nostro or vostro account) established by a large banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for smaller financial institutions.

EXCELLENCE AWARD - CITIBANK - WARKA BANK

Our bank is happy to inform our distinguished clients that Warka Bank for Investment and Finance has been just awarded Citi Performance Excellence Award for executing and directing the most payments to Citibank then any other bank in the MENA Region where the award was personally handed to our CEO - Chairman Mr. Saad S. Al-Bunnia.

Our bank will continue to direct all its payment and business through our US corresponding bank enhancing our banking relations accordingly.

http://www.warka-ban...p?type=3&id=107

Hmmmm..link won't open. Any suggestions? Also, where did you find this, did it come into your email? What is the origin of this? Thank you.

Edited February 29, 2012 by Alexyn1006

[20MillionDinar]

Hmmmm..link won't open. Any suggestions? Also, where did you find this, did it come into your email? What is the origin of this? Thank you.

This is an old article posted on the Warka site. It is probably expired which is probably why the page can not be found. I found it at another Dinar forum using simple google searches.