Meyer Wilson

Recovering Losses Caused By Investment Misconduct

The Lure of “Phantom Riches”

Who doesn’t want to build wealth? It is this desire that attracts people to investments that promise high returns. However, scam artists also use this wealth building desire to persuade individuals to invest their money. Scammers will dangle the possibility of wealth in front of investors, which is a tactic known as “phantom riches.” According to the Financial Industry Regulatory Authority (FINRA), an investment scam will often take the form of a “big payoff” or “guaranteed returns.” This phantom riches tactic is one of the most common used by fraudsters.

This tactic can be described as follows:

  • The scam artist promises riches so you make a decision based on emotion rather than logic.
  • You invest your money, but get nothing in return. The scam artist can’t pay you, because the “riches” never really existed in the first place.

Avoid Investment Fraud

You can protect yourself from this common persuasion tactic. First, ask a lot of questions. Make sure you fully understand the information provided to you. Often, scam artists will make the investment appear complicated or obscure. Once you have your answers, verify them. Before you make any investment, you should also look into the background of the investment representative. You can use FINRA’s BrokerCheck and should also contact your state securities regulator.

When Choosing an Attorney, Results Matter

  • $30M
    $30,000,000 Recovered in Confidential Settlement for 100-Year-Old-Widow
  • $10M
    Retirees Recover in Excess of $10,000,000 of Retirement Losses
  • $6.5M
    $6,500,000 Recovered for a Large Group of Individual Investors
  • $5M
    $5,000,000 Recovered for Group of Midwest Clients
  • $3.8M
    Meyer Wilson Recovers More than $3,800,000 for Elderly Victim in Ponzi Scheme Case
  • $3.2M
    $3,200,000 of Losses Recovered by Meyer Wilson for More Than 50 Families of Ponzi Scheme in California

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