Over 50? You’re a target for investment scams
Investment scams committed against those over 50 is a rampant and growing problem. Many times victims are tempted to take risky actions to overcome the losses suffered during the financial crisis.
Some of the common investment frauds committed against older Americans:
- Ponzi schemes – money from new investors is funneled to previous investors
- Self-directed IRAs – used to hold bogus investments in real estate, gold and oil wells
- Promissory notes – unregistered securities get less regulatory oversight than stocks and bonds
Types of investment involving investors ages 50 or older that are seeing a surge of enforcement actions:
- Variable annuities
- Free-lunch seminars
- Misuse of professional credentials
Spread the word about these investment scams to protect yourself and others.