International Foreign Currency, Inc

News Release

12 September 2003

International Foreign Currency, Inc

The United States Postal Inspection Service (the investigative arm of the United States Postal Service) is conducting a criminal investigation into a United States firm that may have defrauded investors in a foreign currency trading scheme. The firm is International Foreign Currency, Inc (IFC).

Some New Zealanders may have made investments with IFC.

Investors may have been previously victimised by Evergreen International Trading, Inc (Evergreen) who had offices in the World Trade Centre in New York. The Evergreen case was recently prosecuted by the American authorities and a number of the defendants are awaiting sentence.

Many brokers or traders that previously worked at Evergreen went on to work with IFC. IFC initially used an address at 111 Cleveland Avenue, Long Beach, New York 11561. It then moved its operation to 990 Stewart Avenue, 6th Floor, Garden City, New York 11530. It has since gone out of business. Investors had been instructed by IFC to wire funds to JPMorganChase.

The United States Commodity Futures Trading Commission is also investigating IFC.

We have been contacted by the United States Postal Inspection Service to ask any New Zealanders who invested with IFC to contact that authority to assist in their investigation. The details of the person and the office are:

Postal Inspector Sara A. Levinson
Brooklyn Fraud Team Leader
United States Postal Inspection Service
1050 Forbell Street – Room 2037
Brooklyn, New York 11256-9901 (U.S.A.)
Work Number: 1718 348 3712
Fax Number: 1718 277 1322
Email: salevinson@uspis.gov

If you have invested with IFC you are asked to send the following information to the United States Postal Inspection Service:

- a chronological statement of your contact with IFC;
- a copy of any documents that you may have received from IFC.

This information may also be used by the United States Commodity Futures Trading Commission.

Norman F Miller
Director of Enforcement

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