nav-left cat-right
cat-right

Colorado Tells Firm To Stop Promoting Investments In Iraqi Dinar

Posted by on Oct 11, 2011 in Finance | Comments Off

DENVER — A company selling investments in Iraqi money has been ordered to stop by the state of Colorado. The cease and desist order is for AmIraq Fund, LP, its general partner, BB&M International Corporation, and the managing director and CEO of both, William Burbank, all of Coronado, Calif.The AmIraq Fund sold investors on buying Iraqi dinar by saying the dinar is currently undervalued, Iraq has great long-term potential and that the dinar will recover post-war, officials said.

Colorado investors were offering one million dinar for $975, securities officials said. The funds were to be held in an Iraqi bank.”Promoters often offer investors an opportunity to get in on the ‘ground floor’ of a new idea or concept and make a great economic return,” Securities Commissioner Fred Joseph said. “Unsuspecting investors can be lured into these schemes, especially if the returns sound good. These offerings require careful research and a strong reminder that if it sounds too good to be true, it probably is not true, nor will it be profitable to anyone but the promoter.”

Colorado officials alleged that Burbank was offering securities and that he failed to register its security offering.Burbank agreed to obey the cease and desist order, but neither admitted to nor denied the allegations, state officials said.

Tags:

Related posts

Comments are closed.