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Guru Revaluation Scam - Sterling Currency Group

Here's how to set it up and ask Siri to play your Spotify library. According to prosecutors, a group of men behind an Iraqi currency scheme created a pitch that included war hero tales to lure potential investors.

The opportunity was pitched as a way to profit from a nearly worthless Iraqi dinar. Scammers promised profits were nearly guaranteed if investors bought dinars at today's values, and then exchanged the dinars back for dollars at a later date once the dinar exchange rate presumably improved. Investors bought the currency through the firm BH Group, which charged a 20 percent markup on average, according to prosecutors.

Some of the scammers also touted false military achievements, prosecutors say. Sign up for free newsletters and get more CNBC delivered to your inbox.

Iraqi Dinar Revaluation Scam: Exposed

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The hard data says the US economy is just fine The so-called hard data, which refers to concrete numbers about the economy such as unemployment, continues to reflect economic strength. The connections between the dealers and the promoters are usually hidden behind false names and corporate shells. For example, there is a large dealer here in my local area owned by the wife of a popular dinar promoter who goes by an online pseudonym. Hidden relationships like this are more common in this scam than you might think.

If Iraq were a company and the dinar was a stock this would be true, however, oil exporters work very hard to prevent their currencies from appreciating.

Currency Scams: Staying Safe

Iraq wants economic growth, not currency growth. Much more often they experience the opposite: devaluation. If it did, how could South Korea, Indonesia, Madagascar, or Vietnam be such large exporters of consumer goods? None of that is true for Iraq. However, saying that the dinar is just a risk like buying stock is like comparing the risk of walking out your front door and walking out the door of an airplane in mid-flight. It is possible that either activity will lead to your death or injury, but one is much, much more likely.

IRAQI DINAR STUDY: Is the Iraqi Dinar Investment a Wise Investment?

With a scam like this, the risks are always understated or just undisclosed. It took some convincing, Jagerson says, but after explaining in detail how governments typically re-monetize their currency to protect their own interests, Thorpe agreed. Marketing sites have become adept at search-engine optimization and are free to break the rules. That means they can shove their way into those first four pages of results. If Google or Bing catches their antics, they can simply reboot under another name.

Iraqi Dinars

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Even if they did, Internet sites can operate anonymously or relaunch under a different name. The lucky ones—like the dinar pitch—have another advantage: ignorance on the part of buyers. Really, how many people studied international currency markets in school? Iraq has to pay back its debts, rebuild its infrastructure, and maintain its exports—all of which will require a stable dinar.

The Iraqi dinar sites do an excellent job of supporting their hypothesis that the Iraqi economy is going to improve.