Colorado Pulls Plug on Dinar Promoter

The Colorado Securities Commission has ordered a company promoting speculation in Iraqi dinars, and its director, to stop soliciting investors in Colorado.

The commission entered a cease-and-desist order on Thursday against AmIraq Fund LLP, general manager BB&M International Corp, and William Burbank, who serves as CEO and managing director of both companies.

The order prohibits them from sell securities in or from Colorado. According to media sources, Burbank agreed to the order but did not admit or deny the state’s allegations.

Burbank and his companies were accused of violating state law requiring the sale of securities to be registered with Colorado regulators.

Securities Commissioner Fred J Joseph said:

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. 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.

(Sources: Denver Business Journal, Associated Press, 7News)

4 Responses to Colorado Pulls Plug on Dinar Promoter

  1. Stew October 7, 2011 at 10:07 pm #

    There are all kinds of ways to make money on this scam.
    This guy was selling dinar… but his thing was you never see the dinar. Send him $1000 and he would send the money to his dinar bank account in Iraq… at Warka Bank I think. Rumor is he has over $1 Million. So he’s collecting interest on over $1 million of other people money.
    These people should be in jail.

  2. Diane October 8, 2011 at 3:47 pm #

    If people are too dumb to not check on the currency exchange rate, research and understand what they are investing in anywhere in the world, much less here in IRAQ with the vulnerabilities here then they deservve to lose their money on any entrepreneur actions.
    As some point the DINAR will have value again, but it will take time as will infrastructure.

  3. Xandpa October 13, 2011 at 4:55 pm #

    When the offer was presented to me I was very much in need of money to support my family. A good friend guaranteed the return in a few days which grew into weeks. I trusted him because he was so sure and confident of the news. My son and I researched the matter and cried. I shared my knowledge with him; as he began to investigate, he continued to refute and refused to accept empirical data presented. I am angry with myself that I placed so much trust into someone else instead of looking out for my children first. We put all we had into the hands of our friend; my son is hopeful but I am very angry and feel betrayed- my children amd I are behind on all our living expenditures and pray to God Almighty to bless the return that we are not homeless. I certainly pray for anyone reading this reply to not invest what you and your family cannot afford to live without.

  4. CJ October 18, 2011 at 8:51 pm #

    Xandpa————are you serious, you invested money you didnt have. I do not feel sorry for you. i do feel sorry for your family that has to deal with your investment knowlege. The dinar will revalue, But no one knows when. NO ONE should invest a dime if that dime pays a bill. If you chose to invest savings or sell something to invest. thats up to you. But dont blame dealers that sell them to you, or individuals that gave you the Dinar Investment info. According to my friend that got me invested. I may not of had the time to buy dinar. That was two years ago. HOME WORK do you your home work before you invest in ANYTHING. Good luck to all invested