Colorado tells firm to stop Iraq speculation

[Stillw8n]

Colorado tells firm to stop Iraq speculation
The Associated Press
Posted: 10/06/2011 11:38:05 AM PDT


DENVER—The Colorado Securities Commission has ordered a California company to stop promising high returns by speculating on the value of Iraqi currency.
The commission named AmIraq Fund, general partner BB&M International Corp., and CEO William Burbank of Coronado, California.

The commissioner says the interests offered by Burbank are securities and that he failed to register as a security offering.

Burbank did not return a phone message seeking comment.



http://www.contracostatimes.com/california/ci_19055289

[Stillw8n]

State sanctions investment company
by Amy Gillentine

Published: October 6,2011

Time posted: 8:01 am

Tags: Commissioner of Securities, dinar, Fred Joseph, Iraq, securities violation

More »A California company has been sanctioned by the Colorado Division of Securities for allegedly violating state law.

The company named in the cease-and-desist order is BB&M International Corp. Also named are AmIraq Fund and the CEO of both companies, William Burbank. The companies are headquartered in Coronado, Calif.

The division alleges that Burbank was promoting investments in the AmIraq fund through emails. The fund’s purpose is to achieve high returns by speculation in the value of the Iraqi dinar. The premise is the belief that the dinar is undervalued and that Iraq has great long-term potential and that the dinar will recover after the war. The staff said that the Colorado investors were told that the minimum investment was $975, for which the investor would receive $1 million dinars.

Burbank failed to register the offering, which is a violation of Colorado state law. The order prohibits him from offering securities and from otherwise violating the state’s securities act.

“Promoters often offer investors the opportunity to get in on the ‘ground floor’ of a new idea or concept and make great economic return,” said Commissioner Fred Joseph. “Unsuspecting investors can be lured into these schemes, especially if the return sounds good. These offerings require careful research and a strong reminder that if it sounds too good to be true, it probably is not true.”

http://csbj.com/2011/10/06/state-sancti ... t-company/