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Illinois Sues Iraqi Currency Traders |
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June 21, 2007
Over the past two years, when the defendants received complaints from customers, they allegedly changed the name of their companies, the office address or website and continued their practice of selling Iraqi currency without filling prior orders, the suit charges. The lawsuit also alleges that the defendants failed to obtain a required Illinois license to engage in the business of selling or exchanging foreign currency for compensation. The Transmitters of Money Act requires all such sellers to be licensed by the Illinois Department of Financial and Professional Regulation. None of the defendants is properly licensed. “These companies have illegally taken advantage of consumers who are interested in investing in foreign currency,” Madigan said. “We are working to protect consumers from this conduct.” Madigan filed the suit against:
Since 2006, Madigan’s Consumer Fraud Bureau has received 42 complaints against the various defendants. The Better Business Bureau has received more than 160 complaints concerning the various defendants in the past year. “I encourage consumers to act carefully and be wary of companies that advertise a hot investment opportunity,” Madigan added. Madigan’s lawsuit asks the court to prohibit the defendants from engaging in the business of advertising or selling foreign currency in Illinois and seeks restitution for those consumers who have not received their orders from defendants. Report Your Experience
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