Better Business Bureau ®
 
 











BBB Warns that Iraqi Dinar Investment is Creating Concerns and Complaints

Austin, Texas March 1, 2007 The Council of Better Business Bureaus is warning consumers across the United States and Canada to be wary when considering foreign currency investment, particularly alleged investment deals for the Iraqi Dinar.

The Better Business Bureau of Chicago and Northern Illinois has seen a recent spike in consumer complaints focused on Dinar investment. The BBB continues to field an increasing number of complaints from around the world, with many coming from military personnel claiming fraud over Dinar investment deals.

According to BBB Chicago and Northern Illinois President & CEO Steve J. Bernas, as of close of business Friday, February 23, their 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, IL, doing business as “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 claim to 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.

Consumers report that United World Exchange/US Dinar is allegedly selling Iraqi currency online and is not providing consumers with what they have purchased, nor are they giving the potential investors their money back.

Bernas went on to say many civilian contractors and soldiers serving in Iraq have also filed complaints with the BBB from abroad and most have reported the same type of experience. He also noted that United World Exchange/US Dinar has stopped responding to the BBB.

According to a consumer complaint via the Chicago Police Department and investigated by a private investigator, the principals for this case are allegedly Mr. Samir Altaeh and Mr. Joseph Beaudry. Both individuals have been referenced in multiple consumer complaints on file with the BBB.

To view the BBB Chicago report, please go to:
http://www.chicago.bbb.org/bindrreport.html?bindrlog=N&bid=88017463&gid=33&gen=33&lid=1&header=N&fax=Y

The Chicago and San Diego BBB offices have coordinated efforts and discovered that United World Exchange has a presence in San Diego, as well as Illinois. To access the San Diego report on B & G Currency Trading, dba United World Exchange and DinarMerchant, please go to: http://www.sandiego.bbb.org/commonreport.html?bid=30002880&language=1

On Friday, BBB Chicago investigators received a call from a confidential source that had seen BBB media reports on the Iraqi Dinar fraud issue. The confidential source claims the Iraqi Dinar fraud case was started by Mr. Samir Alteah in San Diego and then moved to Chicago. Altaeh allegedly has started multiple new websites for Iraqi Dinar exchange, only to close sites and rename the business when complaints, problems and investigations begin to surface.

The Chicago and San Diego BBBs had previously, and separately, identified several such websites, but had not tied the sites together prior to the information from confidential source, which neither BBB had previous contact with. Sites uncovered to date include:

In summary, all of the above entities appear to be directly affiliated.

Consumers who have purchased Dinars and have not received them are urged to report the issue to the Chicago and Northern Illinois BBB office via their website, www.chicago.bbb.org or by calling 312.832.0500.

About Better Business Bureau
The Better Business Bureau, Inc. serving Central and South Central Texas (BBB) was founded in 1950 as a non-profit membership organization. The mission of the BBB is to promote and foster the highest ethical relationship between businesses and the public through voluntary self-regulation, consumer and business education, and service excellence.

This Better Business Bureau is currently supported by approximately 6,900 member businesses and serves more than 3,000,000 consumers in its 52-county service area in Texas. These counties include: Atascosa, Bandera, Bastrop, Bell, Bexar, Blanco, Bosque, Burnet, Caldwell, Calhoun, Comal, Comanche, Coryell, Dewitt, Dimmit, Edwards, Falls, Fayette, Freestone, Frio, Goliad, Gonzales, Guadalupe, Hamilton, Hays, Hill, Jackson, Karnes, Kendall, Kerr, Kinney, Lampasas, LaSalle, Lavaca, Limestone, Llano, Maverick, McLennan, McMullen, Medina, Mills, Navarro, Real, San Saba, Travis, Uvalde, Val Verde, Victoria, Webb, Williamson, Wilson, and Zavala.