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The Investment Scam That Refuses to Die


When a sales pitch begins with, "I'd like to explain to you why the Iraqi Dinar is not a scam," it's...a scam.

Jan wouldn't steer me wrong, surely?

A quick search on the TampaDinar recommended IRA manager revealed that a lawsuit filed in April charged Entrust Group Inc. (as well as an outfit called Equity Trust Co.) with "touting the security and safety of self-directed IRAs without performing due diligence on the investment managers with which they do business." According to the Wall Street Journal, Entrust was also accused of converting customers' funds for improper use, conspiracy, fraud, negligence, and elder abuse.

It's a start, to be sure -- John Jagerson says he has been frustrated in the past "that no one will do anything [about Dinar promoters], but it's just not as big as the kinds of financial fraud you see elsewhere."

"In the world of financial crimes and scams there are very, very few of them that are actually prosecuted," he tells me. "Regulators are understaffed, scammers can shut down and restart quickly, and most of the regulators I have worked with barely understand the financial markets anyway."
No positions in stocks mentioned.
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