Posted on 06/09/2005 9:29:51 PM PDT by FreeManWhoCan
BOISE, Idaho A Coeur d'Alene man has been ordered by the Idaho Department of Finance to quit selling Iraqi currency.
Department officials say Jack Lee Smiley allegedly violated the Idaho Commodities Act by asking investors to purchase Iraqi dinars.
Jim Burns, the investigations chief of the department's securities bureau, says Smiley told investors they'd make 33 times the money they invested when the dinars hit the world market late this summer.
Burns also says Smiley didn't disclose risks involved with investing in foreign currencies and that the former school teacher was not qualified under state code to sell the commodities.
Smiley also attracted attention of the department in 2001 with another allegedly inappropriate investment scheme. Then, he wanted up to 100-thousand dollars from investors in exchange for 50-percent profits in a book he said he planned to write.
He complied with an order to stop that operation.
I wonder what they serve for a traditional Iraqi Dinner?
Man, oh man, we just don't need these kind of people around here. Coeur d'Alene is getting into the news way to often lately..........
I bought $500 worth of Dinar when I was over there. That's 730,000.
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