jump to example.com

SCC advises seniors to be aware of fraudulent investment offers

Seniors remain among the groups most at risk of falling prey to investment fraud.  Virginia securities regulators warn seniors to remain vigilant when looking for places to park their hard-earned money.

moneyLow interest rates and rising costs for medical insurance, prescription drugs and basic living expenses continue to put a financial squeeze on seniors and others living on fixed incomes, said Ron Thomas, director of the State Corporation Commission’s Division of Securities and Retail Franchising. This creates opportunities for con artists touting fraudulent financial schemes.  “Their products and pitches sound tempting to many seniors who have watched their retirement accounts dwindle,” Thomas said.

A recent survey of state, provincial and territorial securities regulators, conducted by the North American Securities Administrators Association (NASAA), suggests that more needs to be done to protect seniors from financial fraud.  The survey showed that while awareness regarding investment fraud against seniors is increasing, the fraud itself is not decreasing.  Among the tools securities regulators are using to protect seniors from financial exploitation are outreach, education, enforcement and stronger legislation.

Results of the NASAA survey indicate that most cases of fraud against seniors go undetected until it is too late to prevent serious problems.  The survey also suggests the need for greater efforts on the part of broker-dealers and investment advisors to protect seniors from financial fraud.

Thomas urges seniors to be aware of the signs of investment fraud and take control of their financial health.  “If something sounds too good to be true it almost always is,” he said.

He encourages Virginia’s seniors to contact the Division of Securities and Retail Franchising with any questions they may have about an investment.  The Securities Division actively promotes investor education by offering free presentations and written materials on such topics as investing and avoiding fraud.

NASAA also offers information geared to senior investors, caregivers, policymakers and the financial services industry through its Serve Our Seniors website at serveourseniors.org.

Thomas offers the following tips to help seniors protect their retirement assets:

  • Check out cold callers and other strangers touting extraordinary deals.  Information on investment salespeople and firms is available from your state securities agency.
  • Beware of anyone who suggests putting your money into something you don’t understand or who urges you to place everything in his or her hands.
  • Be leery of individuals who prey on your fears regarding a secure retirement.
  • Don’t make rash financial decisions.  Arm yourself with information before you make any investment decisions.
  • Monitor your investments and ask tough questions.  Insist on regular written and oral reports.  Watch for signs of excessive or unauthorized trading of your funds. Beware of anyone who impedes your ability to pull out your principal or profits from an investment.
  • Don’t let embarrassment or fear keep your from reporting investment fraud.

For more information, contact the SCC’s Division of Securities and Retail Franchising in Richmond at (804) 371-9051 or toll-free (in Virginia only) at 1-800-552-7945 or visit its website at www.scc.virginia.gov/srf/index.aspx.

   
Discussion
 
Highlights

Street Knowledge with Chris Graham: Libertarian gubernatorial nominee Cliff Hyra

Chris Graham interviews Libertarian gubernatorial nominee Cliff Hyra.

Another new poll gives Northam big lead in Virginia governor race

One Virginia governor race poll released yesterday had Democrat Ralph Northam and Republican Ed Gillespie tied.

Poll: Trump unpopular in Virginia

President Donald Trump is well under water among Virginia voters, according to new poll results released by the University of Mary Washington.

The Petty Hearts bring Tom Petty tribute to Wayne Theatre on Sept. 22

Tom Petty tribute band The Petty Hearts are coming to the Wayne Theatre on Friday, Sept. 22.

Virginia Chili, Blues n' Brews Festival set for Saturday

The Virginia Chili, Blues n' Brews Festival will celebrate its 10th anniversary on Saturday in Downtown Waynesboro.

Events Calendar

Upcoming events in the Shenandoah Valley, Central Virginia and statewide from the Augusta Free Press Events Calendar. Don't see your event listed? Email augustafreepress2@gmail.com.

UVA alum Chris Long to donate first six NFL game checks to fund scholarships

The Chris Long Foundation announced today that Philadelphia Eagles defensive end Chris Long will donate his first six game checks of the 2017 NFL season to fund two scholarships in his hometown of Charlottesville.

Game Preview: VMI, Chattanooga look to get back on track on Saturday

VMI knew the 2017 football season was going to be a rebuilding year. Chattanooga, coming off a playoff appearance in 2016, had its usual high expectations.

Game Preview: UVA has a chance at Boise State

Vegas and the ESPN Power Index don’t give UVA much of a chance to win at Boise State on Friday night.

Street Knowledge with Chris Graham: First look at UVA-Boise State

Chris Graham and Scott German take a first look at the UVA-Boise State game set for Friday night.

Web Design, Marketing

Augusta Free Press LLC provides clients in the Shenandoah Valley and Central Virginia and beyond with marketing and PR solutions including web design, TV/radio, social media and overall marketing campaign design and implementation.

   
Recent Posts
   
Your One-Stop Media Shop
Augusta Free Press LLC provides clients in the Shenandoah Valley and Central Virginia and beyond with marketing and PR solutions including web design, magazine/brochure, TV/radio, social media and overall marketing campaign design and implementation.
  • Web Design

    You want a new website, but don’t have the first clue as to how to build one. That’s our job. We take care of all facets of web design – visual design, layout design and content development. Get your business online for as little as $1,299.
    Learn more about AFP Web Design services.
  • Graphic Design

    The staff at Augusta Free Press Publishing has been recognized by the Virginia Press Association for excellence in layout and design. Whether you need a fresh business card design, rack card, ad, flyer or full magazine design, we can help with all your graphic-design needs.
    Learn more about AFP Graphic Design services.
  • Marketing

    Augusta Free Press manages advertising campaigns for small- and medium-sized businesses across Virginia. You don’t need to hire a full-time marketing coordinator. Bring the experience of the Augusta Free Press team to work for you – for a fraction of the cost.
    Learn more about AFP Marketing services.