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)