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Better Business Bureau
CHICAGO, February 14, 2007 -The Better Business Bureau of Chicago and Northern Illinois is fielding an increasing number complaints from around the world with many of them from military personnel concerning an alleged investment deal involving purchasing Iraqi Dinars.
We have been advised that the company is allegedly selling Iraqi currency online and not providing consumers with what they have purchased. United World Exchange, dba US Dinar, has been selling Iraqi Dinars through their website - www.usdinar.com on the premise that buying the Dinars could be a great investment if the value of the Iraqi money were to increase.
Potential investors purportedly have bought Iraqi Dinars for anywhere between several hundred to several thousand dollars with the hope that this may possibly be a lucrative investment for them if the value of the Dinars goes up. Civilian investors and service personnel are buying the Dinars but according to the complaints it appears that the company is no longer providing the Dinars nor are they giving the potential investors their money back. Additionally, United World Exchange/US Dinar has stopped responding to the BBB.
According to BBB President & CEO Steve J. Bernas, "our office has received 77 complaints concerning United World Exchange from consumers in 31 states and 5 countries including Singapore, Australia, Malaysia, Canada and Iraq. Bernas went on to say many civilian contractors and soldiers serving in Irag have also filed complaints with the BBB from abroad and most have reported the same type of experience.
A BBB representative visited the former Chicago location however it turned out this address is for a company renting office space. No representative for United World Exchange was available on site.
"Anyone who trades in foreign currency should be an expert in that vehicle and if you are better off participating in the growth of the American economy by investing a good growth mutual fund," commented William E. Braun, Jr., CFP(r), Financial Educator/Counselor, Fleet and Family Support Center at Naval Station Great Lakes.
Bernas 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."
Consumers who have purchased Dinars and have not received them are urged to contact the BBB office via our website, www.chicago.bbb.org or call 312.832.0500.