Con artists see lots of opportunity in currency fluctuations

Reality Check

Your Money

December 12, 2004|By Lorene Yue

Foreign investors aren't the only ones paying close attention to the value of the U.S. dollar. Con artists are keeping tabs as well.

They'll pop up with a scheme that involves wheeling and dealing based on how one country's currency is valued against another's. These so-called experts hold Swiss francs one day, sell them for British pounds the next, and euros after that, claiming to make money with each sale.

Of course, once they get your dollars, the money goes straight into their bank accounts and never to the foreign currency market.

There are, however, legitimate foreign currency futures and options contracts. Just beware of the ones that sound too good to be true by promising guaranteed large profits with little risk. You can check with the Commodity Futures Trading Commission to see if the investment is valid.

- Lorene Yue, Your Money

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