Seven Tips to Help Senior Investors Protect Their Investments

It takes many years to build your nest egg. You work hard with the anticipation that you will one day be able to retire and focus on the activities you most enjoy. However, the savings that you have spent a lifetime accumulating can quickly disappear. That is because older investors are unfortunately the top targets for investment scam artists.

According to the North American Securities Administrators Association (NASAA), “the files of state securities agencies are filled with tragic examples of senior investors who have been cheated out of savings, windfall insurance payments, and even the equity in their own homes.”

The NASAA provides an extensive list of tips to help you protect your retirement savings. Some of these tips are summarized below:

1. Don’t let someone take advantage of your good manners. It is sad that con artists will pounce on the people who are courteous and friendly to them. If someone approaches you and tries to pressure you to make an investment, don’t be afraid to say, “no.”
2. Trusting a stranger can be a big mistake. You should not make an investment decision because someone pressures you or says that you have to act quickly. Take your time to research the investment professional, company and the investment itself.
3. Avoid investing in something that is hard to understand. The deals that are “just too complicated” to explain could turn out to be investment schemes. If you request information about an investment and the salesperson refuses to provide it or if the investment seems extremely complex, you should consider walking away.
4. Don’t fall for appearances. The saying, “don’t judge a book by its cover,” rings true when it comes to trusting investment professionals. Scam artists have been known to dress nice, talk intelligently and give the impression that you can trust them.
5. Beware of con artists who will prey on your fears. Retirees share some of the same concerns, such as worrying about running out of money or facing an event that causes their savings to dwindle rapidly. These concerns can impair your judgment and may prompt you to make rash investment decisions.
6. Ask a lot of questions and keep an eye on your investments. Never hesitate to ask the hard questions when it comes to your investments. You should also request regular written reports that reflect the progress of your investments.
7. Never feel too embarrassed to report investment fraud. Scam artists are skilled at defrauding investors. They know that many people will feel too ashamed or embarrassed to ever report the investment abuse. Don’t let a con artist get away with his or her actions. Contact an experienced investment fraud attorney for information on how to pursue a claim.

About the Law Firm of Meyer Wilson
If you have lost money in an investment scam, you may be able to recover your losses. For a free case evaluation, contact our office by calling 866-827-6537 or filling out our online form. Our investment fraud attorneys are licensed in Ohio and Californiaand represent investors nationwide in securities arbitration and litigation claims. We have successfully recovered millions of dollars for our clients.

Be sure to order a FREE copy of attorney David Meyer’s book, Five Signs of Investment Fraud…And What to Do if it's Happened to You.