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Jul 27, 2005 -- Con artists peddling currency scams

The newest scam these days involves ripoffs on currency exchanges. Clark had only heard about this a few times, so he didn’t think it was that bad. But according to the Dow Jones News Wires, these scams are growing out of control. They are set up as traditional boiler room cons, where scam artists are using telephones to cold call you. They claim that, due to rapid movements in currencies, there are billions to be made. They also say their proprietary software to help you make moves on the spread. But the only thing they can do successfully is help you lose your money. The average person getting conned loses $15,000. And they don’t have to get too many people to agree to it before they’re making big bucks. Hundreds of millions of dollars have been stolen in this scam, but the amount per person is so high that it’s not registering as widespread. It’s a tricky game, nonetheless. If you hear a pitch for currency or livestock or oil, basically any commodities trading, run away! And if you don’t understand a pitch, don’t get involved.

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