The Utah Better Business Bureau is warning people to be careful when considering foreign currency investment, particularly alleged investment deals for the Iraqi dinar, the currency used in Iraq.
The bureau said Monday it has seen a recent spike in the number of consumer complaints focused on dinar investment, many from the around world having come from military personnel claiming fraud.
The bureau's Utah president and chief executive officer, Jane Driggs, said the BBB's Chicago office has received 93 complaints concerning United World Exchange from consumers in 33 states and eight countries, including Singapore, Australia, Malaysia, Canada and Iraq.
United World Exchange, purportedly of Oak Brook, Ill., and doing business as US Dinar, has been selling Iraqi dinars through its Web site on the premise that buying the Dinars could be a great investment if the value of the Iraqi money were to increase, the bureau said.
Consumers report that Joseph Beaudry and Samir Altaeh have been associated with United World Exchange, US Dinar and other companies that are allegedly selling Iraqi currency online and not providing consumers with what they have purchased, nor are they giving the potential investors their money back, according to the bureau.
A BBB representative visited the supposed location of United World Exchange/US Dinar, and the address is for a company renting office space. No representative for the United World Exchange/US Dinar was available on-site, the bureau said.
Among the complaints are those from civilian contractors and soldiers serving in Iraq. Driggs reported that a Utah victim of the company did business with it to "support the troops."
The bureau reported that victims lost an average of $1,440. The most a single investor lost was $7,320, but the total amount victims invested was $121,022.
Driggs added, "The alleged investment opportunity is especially concerning because it involves taking advantage of all investors, including our men and women who are serving in our military both overseas and in this country," Driggs said.
The bureau is suggesting consumers who have purchased dinars and have not received them to report the issue at the bureau's Web site, www.bbb.org.