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Managing Your Fortune: Beware of foreign-currency scams


Matilda
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I set up my gmail account to send me Google alerts on any Iraq related news...and I just got this alert email today. Article is written by some lady named Gail Leberman (not sure how reuptable she is and/or what the point of the article even is...smh blink.gifjust sharing...

As one study notes the ultra high-net-worth are investing nearly one-third of their holdings abroad, a reader asks where to invest millions expected from an investment in Iraqi dinars. Are the foreign currency investing opportunities really that terrific?

The Institute for Private Investors, New York, which recently polled 1,100 members with at least $30 million in assets, says nearly one-quarter of respondents manage currencies or hedge currency risk.

The movement to invest abroad may be triggered, the poll indicates, by legitimate fears of devaluation of the U.S. dollar and inflation.

But the millions of dollars expected through a so-called revaluation of the Iraqi dinar is stretching it. Even though warnings on questionable Iraqi dinar investments were published as far back as 2006, reports of Iraqi dinar scams continue. In fact, Iraqi dinars hit the Utah Division of Securities’ Top 10 investment alerts for 2011.

In the face of widespread foreign currency fraud, the U.S. Commodity Futures Trading Commission last October introduced a series of rules aimed at protecting retail, off-exchange foreign currency investors.

The rules set a host of record-keeping, registration, disclosure and minimum capital requirements for persons entering into these transactions with consumers. Some three months after the rules debuted, the commission sued 14 foreign currency firms in a nationwide sweep.

In all but two of those complaints, the commission claimed defendants in foreign-currency transactions were not properly registered. Numerous commission charges concerning foreign exchange transactions followed. Among additional foreign currency-related charges: Ponzi schemes and misappropriation of customer funds.

Big problem: The commission’s enforcement authority is limited to retail options and futures contracts. Tracking the much wider range of foreign currency frauds is virtually impossible.

Meanwhile, even with legitimate foreign currency investments, you face special risks.

Those include changes in currency exchange rates. You can score big when the foreign currency is strong compared with the U.S. dollar, but lose your shirt if the opposite is true, the Securities and Exchange Commission suggests.

Some countries may restrict or delay the movement of currency out of a country.

Foreign markets may be influenced by political, economic or social events. Foreign-currency investments may lack liquidity or countries may impose restrictions on the amount or types of stocks foreign investors may purchase.

There may be fewer listed companies and lower trading volume in other nations; less strict reporting requirements than with U.S. companies; and few legal remedies if something goes wrong.

If you’re assured — via phone calls, media promotions or websites — of huge returns in foreign currency over a short time with little or no downside risk, be wary of a scam. Often, fraudulent promoters tout the ability to invest a small amount and obtain a quick windfall via leverage.

LINK: http://www.palmbeachdailynews.com/news/managing-your-fortune-beware-of-foreign-currency-scams-1577540.html?cxtype=rss_columnists_300796

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Matilda

Nice post, I thought about this before I baught my Dinar and still think about this. Like any get rich deals you need to think about what you're doing and go with your gut feelings and listen to what good sense you can find. Research and research till you have an idea of what your are willing to gain or loose. Only then would I join in the investment. I still think this is a good one and hope I'm right.

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Matilda

Nice post, I thought about this before I baught my Dinar and still think about this. Like any get rich deals you need to think about what you're doing and go with your gut feelings and listen to what good sense you can find. Research and research till you have an idea of what your are willing to gain or loose. Only then would I join in the investment. I still think this is a good one and hope I'm right.

you are right this is a good investment....... after all the research and reading policies there is no way that this is a scam!

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Most people that invested in Dinar from the start have already doubled there money ! In most investments this is very good. If people would look at this as an investment and not a get rich scheme , they would be fine. You never invest more than you can afford. I myself hope they give me one more month just so I can invest just alittle bit more before it RV`s . laugh.gif

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Matilda

Nice post, I thought about this before I baught my Dinar and still think about this. Like any get rich deals you need to think about what you're doing and go with your gut feelings and listen to what good sense you can find. Research and research till you have an idea of what your are willing to gain or loose. Only then would I join in the investment. I still think this is a good one and hope I'm right.

AKVET...I think both you and I are in the right place at the right time. I'm hoping...just have a huge gutt feeling...that's all.biggrin.gif

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