found this on my local news KSL.COM

[cravenslc]

Utah lists top scams of 2011

December 30th, 2010 @ 4:10pm

By Jasen Lee

SALT LAKE CITY — As the New Year approaches, the Utah Division of Securities has released a top 10 list of investment warnings for 2011.

The list details fraudulent activity tracked by the division over the past year and offers advice on which investment schemes to watch for in the New Year.

"Securities fraud continues to make headlines, so we are asking citizens to add financial resolutions to their New Years list," said Francine Giani, executive director of the Utah Department of Commerce.

Among the top 10 scams to be aware of:

1. Affinity fraud — When someone abuses membership or association with an identifiable group to convince a potential investor to trust the legitimacy of the investment. Common affinity groups include religion, ethnicity, profession, education, common handicaps, language, age and any other common likeness or shared characteristics that allow investors to trust members of the group.

2. Inverse and leveraged exchange-traded funds — ETFs that offer leverage or that are designed to perform inversely to the index or benchmark they track — or both — are growing in number and popularity.

3. FOREX trading programs — FOREX is a term used to describe the legitimate foreign currency exchange market. The value of one nation's currency, as compared to another nation's currency, fluctuates continuously. These fluctuations can sometimes be quite dramatic and depend on innumerable complex factors.

3 questions every investor should ask:

1. Is the person offering the investment licensed? Find out by calling the Division of Securities at (801) 530-6600.

2. Is the stock offering registered? All securities sold in the state must be registered or exempt. Before you invest your money, call the Division of Securities to make sure it is a legitimate offering.

3. Did the promoter give you a written prospectus summarizing the investment? Did he or she give you a copy of the financial statements showing how the company is doing? Has the promoter disclosed his or her prior business success or any previous criminal convictions or bankruptcies?

4. Structured investment products — Securities derived from or based on a single security, a basket of securities, an index, a commodity, a debt issuance and/or a foreign currency. There are many types of structured products from market-indexed CDs offering protection of the principal invested, to a multitude of other structured notes and investments that offer limited or no protection of the principal. Of great concern with structured products is the investors' ability to fully understand the investment.

5. Promissory notes — Written promises to pay a specified amount, to a specific entity at a specific time or upon demand, with or without interest. Promissory notes offered to retail investors carry significant risk.

6. Start-up companies on the verge of "going public" — The lure of getting in on the "ground floor" of a hot start-up business is a classic temptation for investors. Promoters know this, but they also know the deal will be much sweeter if they can promise not only great profits, but also a way for the investor to cash out those profits relatively quickly, if necessary.

7. Investment pools purchasing non-performing loans — By the time the housing bubble burst, the mortgage and banking industries had made many loans they shouldn't have. As the housing and commercial real estate markets folded, those loans (and pools of those loans) stopped producing revenue, freezing lines of credit in the economy and contributing to the Great Recession.

8. Automatic trading software packages — Some investors have resorted to using a computer to make investing decisions for them. Companies are selling computer software programs that analyze the market and make trades for the investors. Not all are legitimate.

9. Iraqi Dinars — Since the beginning of the Iraq War in 2003, speculators have sought to profit by purchasing Iraqi currency. The likelihood of investors seeing any return on dinars is slim to none, according to the division.

10. Unsuitable variable annuity sales practices — Aggressive marketing of variable annuity insurance products are a concern, especially when seniors are targeted. Sales pitches, which are frequently offered in conjunction with free lunch seminars, are sometimes used in an attempt to scare or confuse investors by claims that these products will protect or insure them against any market losses.

The divisions warned potential investors ask questions and perform the necessary due diligence before putting any money into an investment. Investors should do business with licensed securities brokers and advisers and report any suspicion of investment fraud to the Utah Division of Securities. For more information, call 800-721-7233 or visit www.securities.utah.gov.

"As consumers look to re-energize their retirement investments in the New Year, we urge investors to protect their nest egg by checking out a promoter's background and any investment offer with our Division," said Keith Woodwell, director of the state Division of Securities.

E-mail:jlee@desnews.com

[speedy1]

I dont like number 9 lol. its gonna happen

[fnbplanet]

WHEN dinars RV, what are the chances that the state of Utah decides that the profits aren't real, and dismiss any taxes on them?

[cravenslc]

Not trying to bring anyone down and i am not planning to sell my dinars iam just wondering what everyone else thinks about this news article

[ECSxFenrir]

If a return is slim to none where is the articles explanation? There are plenty of reasons to keep the masses away from these types of investments.

[curious80]

[TimS]

How many of those guys on that board own dinar? probably a few who don't want anyone else to capitalize so they tell everyone else to stay away

[cravenslc]

look at number 3 people have been trading currency on forex and making money for years, so that makes me feel like maybe they just dont know

[nir]

People this is a state agency that has made the study they know what they are doing. They have the resources and the know how and contacts to know if something is true or a scam! I know I am going to be bashed but it is the truth. I think that the Dinar will RV but just don't know when or how.

Happy New Year.

[umbertino]

Quote

9. Iraqi Dinars — Since the beginning of the Iraq War in 2003, speculators have sought to profit by purchasing Iraqi currency. The likelihood of investors seeing any return on dinars is slim to none, according to the division.

End Quote

Encouraging.

[umbertino]

People this is a state agency that has made the study they know what they are doing. They have the resources and the know how and contacts to know if something is true or a scam! I know I am going to be bashed but it is the truth. I think that the Dinar will RV but just don't know when or how.

Happy New Year.

You sound rather confused. What is the Truth you're talking about? That this is a scam? Why? And then you add you think it will RV but you just don't know when and how.... So which is which for you? Make up your mind.

[Frank61]

Utah lists top scams of 2011

December 30th, 2010 @ 4:10pm

By Jasen Lee

SALT LAKE CITY — As the New Year approaches, the Utah Division of Securities has released a top 10 list of investment warnings for 2011.

The list details fraudulent activity tracked by the division over the past year and offers advice on which investment schemes to watch for in the New Year.

"Securities fraud continues to make headlines, so we are asking citizens to add financial resolutions to their New Years list," said Francine Giani, executive director of the Utah Department of Commerce.

Among the top 10 scams to be aware of:

1. Affinity fraud — When someone abuses membership or association with an identifiable group to convince a potential investor to trust the legitimacy of the investment. Common affinity groups include religion, ethnicity, profession, education, common handicaps, language, age and any other common likeness or shared characteristics that allow investors to trust members of the group.

2. Inverse and leveraged exchange-traded funds — ETFs that offer leverage or that are designed to perform inversely to the index or benchmark they track — or both — are growing in number and popularity.

3. FOREX trading programs — FOREX is a term used to describe the legitimate foreign currency exchange market. The value of one nation's currency, as compared to another nation's currency, fluctuates continuously. These fluctuations can sometimes be quite dramatic and depend on innumerable complex factors.

3 questions every investor should ask:

1. Is the person offering the investment licensed? Find out by calling the Division of Securities at (801) 530-6600.

2. Is the stock offering registered? All securities sold in the state must be registered or exempt. Before you invest your money, call the Division of Securities to make sure it is a legitimate offering.

3. Did the promoter give you a written prospectus summarizing the investment? Did he or she give you a copy of the financial statements showing how the company is doing? Has the promoter disclosed his or her prior business success or any previous criminal convictions or bankruptcies?

4. Structured investment products — Securities derived from or based on a single security, a basket of securities, an index, a commodity, a debt issuance and/or a foreign currency. There are many types of structured products from market-indexed CDs offering protection of the principal invested, to a multitude of other structured notes and investments that offer limited or no protection of the principal. Of great concern with structured products is the investors' ability to fully understand the investment.

5. Promissory notes — Written promises to pay a specified amount, to a specific entity at a specific time or upon demand, with or without interest. Promissory notes offered to retail investors carry significant risk.

6. Start-up companies on the verge of "going public" — The lure of getting in on the "ground floor" of a hot start-up business is a classic temptation for investors. Promoters know this, but they also know the deal will be much sweeter if they can promise not only great profits, but also a way for the investor to cash out those profits relatively quickly, if necessary.

7. Investment pools purchasing non-performing loans — By the time the housing bubble burst, the mortgage and banking industries had made many loans they shouldn't have. As the housing and commercial real estate markets folded, those loans (and pools of those loans) stopped producing revenue, freezing lines of credit in the economy and contributing to the Great Recession.

8. Automatic trading software packages — Some investors have resorted to using a computer to make investing decisions for them. Companies are selling computer software programs that analyze the market and make trades for the investors. Not all are legitimate.

9. Iraqi Dinars — Since the beginning of the Iraq War in 2003, speculators have sought to profit by purchasing Iraqi currency. The likelihood of investors seeing any return on dinars is slim to none, according to the division.

10. Unsuitable variable annuity sales practices — Aggressive marketing of variable annuity insurance products are a concern, especially when seniors are targeted. Sales pitches, which are frequently offered in conjunction with free lunch seminars, are sometimes used in an attempt to scare or confuse investors by claims that these products will protect or insure them against any market losses.

The divisions warned potential investors ask questions and perform the necessary due diligence before putting any money into an investment. Investors should do business with licensed securities brokers and advisers and report any suspicion of investment fraud to the Utah Division of Securities. For more information, call 800-721-7233 or visit www.securities.utah.gov.

"As consumers look to re-energize their retirement investments in the New Year, we urge investors to protect their nest egg by checking out a promoter's background and any investment offer with our Division," said Keith Woodwell, director of the state Division of Securities.

E-mail:jlee@desnews.com

According to the division........I like that one. Another quote by a clueless govt idiot who invests their money in a local banks christmas club.

[egadman]

i have always felt that i only invested about what i cared to lose or just lessen.

loaned more to family and friends that would pleasantly surprise me if i see again.

in the infamous words of alfred e. newman, "What, me worry?"

still concerned about Y2K how about you?

[A Giants Man]

By searching on Google, there are more sites that claim Fraud then positive reinforcement in reference to the Iraqi Dinar. Just like Frank61 said, he believes that it is going to happen. How much has this investment made for you yet Frank? You have no problem in calling people derogatory name who have legitimate questions. So show us on this forum how much you have made with the Dinar, then you will have earned Credibility!!! Till then, it would be wise to stop giving us your $.02 because it ain't worth a Dinar!

[LittleMissGrits]

This cannot be current ... or else it is a re-run of sotts, because Utah has put this out before that the dinar is a scam.

sorts, sorry ... LOL

[Chancy949]

They missed one. The stock market. I have lost way more trusting a Financial Advisor than I ever will with Dinar!

[hiloeven]

People this is a state agency that has made the study they know what they are doing. They have the resources and the know how and contacts to know if something is true or a scam! I know I am going to be bashed but it is the truth. I think that the Dinar will RV but just don't know when or how.

Happy New Year.

"The likelihood of investors seeing any return on dinars is slim to none"--Please explain to me how you can endorse this statement when I know for a fact--NO RUMOR--that I can sell my dinars right now for $960/million in Santa Monica after having paid less than $1,000/million. I'll await your reply after doing the math in comparison to the quoted statement you endorse.

[Chillin' out]

By searching on Google, there are more sites that claim Fraud then positive reinforcement in reference to the Iraqi Dinar. Just like Frank61 said, he believes that it is going to happen. How much has this investment made for you yet Frank? You have no problem in calling people derogatory name who have legitimate questions. So show us on this forum how much you have made with the Dinar, then you will have earned Credibility!!! Till then, it would be wise to stop giving us your $.02 because it ain't worth a Dinar!

Yes the world is full of scammers and con-men. There are folks that use the Dinar to scam people.

Thats very different from the idea of holding a currency in hopes of an appreciation. It is far from a "scam".

The entire country of Iraq would have to blow up and our dinar be deemed worthless for me to lose more on this so-called "scam" than my stock holdings, IRAs and 401ks have lost over the last decade.

[leola]

I WONDER WHERE THEY DID THERE RESEARCH, THEY MAY HAVE INQUIRED AT SOME OF OUR MORE PROMINENT BUSINESS FIRMS,, SUCH AS BANK OF AMER, CITI BANK, AIG, WACHOVIA BANK, LEHMAN BROS, GEN.MOTORS ,ORONE OF THOSE MORE SUCCESSFUL COS NO LONGER WITH US!! BAIL OUT COS ,OR PERHAPS THE SENATE ,WE ALL KNOW HOW WELL THEY RUN THINGS, STATE GOVS WELL YOU GET THE IDEA .......................................................

[A Giants Man]

Yes the world is full of scammers and con-men. There are folks that use the Dinar to scam people.

Thats very different from the idea of holding a currency in hopes of an appreciation. It is far from a "scam".

The entire country of Iraq would have to blow up and our dinar be deemed worthless for me to lose more on this so-called "scam" than my stock holdings, IRAs and 401ks have lost over the last decade.

I must clarify. I do not believe that it is a scam at all because it is an actually currency that can be traded back in for the current value in USD! That is not a scam. All I am saying is that when someone asks a Good Question about the validity of the Dinar they get bashed and treated like they are dumb and that is not the case. We all have invested some sort of money purchasing the Dinar with an opportunity to make some positives for our lives, but the news on the Internet do not show anything about a possible Re-Value or anything positive that it will happen. I personally believe it will, but hate the negative people that think that they know it all

[egadman]

The entire country of Iraq would have to blow up and our dinar be deemed worthless

Read more:

kinda wish you hadn't put it that way

[Chillin' out]

I must clarify. I do not believe that it is a scam at all because it is an actually currency that can be traded back in for the current value in USD! That is not a scam. All I am saying is that when someone asks a Good Question about the validity of the Dinar they get bashed and treated like they are dumb and that is not the case. We all have invested some sort of money purchasing the Dinar with an opportunity to make some positives for our lives, but the news on the Internet do not show anything about a possible Re-Value or anything positive that it will happen. I personally believe it will, but hate the negative people that think that they know it all

Totally agree!

Though we see the same questions by newer members month after month, it is those very QUESTIONS that keep them from being a victim of the very scammers we are talking about.

Keep the bashing at bay and let everyone learn and understand this investment BEFORE they get into something with no understanding of all the possible outcomes.

[rathe63]

i seem to recall reading somewhere that utah stated at one time the Dinar was illegal to buy. i guess the banks didnt get that memo.

[Kimjackie]

Well First of all owning another country's currency is not a scam and trading on Forex is not a scam as it has been done forever and owing Iraqi dinar is allowed by George Bush's executive order and Ali at Dinar Trade is licensed with the U.S Treasury so how is this a scam? The word Scam means to swindle or defraud somone out of their money. Well we havent had that done to us becasue we can sell it back to Ali if we desire and if it RV's we make money. Even if Iraq decided to change currency we would swap our dinars in for the new currency. I am not worried.

[egadman]

can i be frank and say

mistakes, i've made a few but then again too few to mention

when this six ticket carnival ride is at long last pulling up to the unharness point

i'll look in the mirror and be quite frank and say "I Did It My Way"