Taking the Reins: Six Tips to Protect Yourself from Senior Investment Fraud

As Ponzi scheme attorneys, we are seeing more and more scams that specifically take aim at senior investors and the elderly. In our rocky economy, fraudsters have set their sights on your retirement funds and other savings because that is where the money is. Even financially savvy seniors can be taken in by Ponzi schemes and investment scams, so be sure you know how to keep an eye on your money and know where you're investing your cash.

Here are six tips for protecting yourself or your elderly parents from senior investment fraud:

1. Check your statements. Many of us stop checking our statements after a while and assume our financial advisor or broker is taking care of it. Of course, that's exactly what unscrupulous fraudsters rely on. Carefully examine all of your statements and documents, and make sure everything looks the way it should.
2. Do your research. Before you take advantage of any investment opportunity, take the time to look into it. Make sure you understand how the investment works, how you will be paid, and if there are any hidden fees or tax penalties.
3. Ignore unsolicited calls and emails. It's very unlikely that an email or phone call from someone you haven't dealt with in the past is going to end up being a legitimate investment opportunity. It's recommended that you just ignore any unsolicited investment opportunity you come across. If feel you absolutely must check into it, then be sure you are meticulous in your research, and approach it with suspicion.
4. Don't be pressured to "act now." Many fraudsters get away with their schemes by offering an enticing investment, but claiming you only have a limited time to take advantage of it. It is very rare for any legitimate investment to require you to act right away. Always "sleep on it," and take the time to do some research.
5. Keep control of your cash. Some of us have been working with the same financial advisor for years and trust them enough to turn over control of our investment accounts to them. No matter how well you know your advisor, make sure you control your cash and know what's happening with your portfolio.
6. Don't get fooled twice. You've already been taken in by investment fraud, and now you're getting offers to help you recover your cash or invest in something that's twice as good as the last thing. Look out -- scammers are increasingly using this tactic to hit victims of investment fraud again - and run with more of your cash.

If you have already been the victim of investment fraud, speak with one of our knowledgeable and friendly securities fraud attorneys in a completely free consultation. Give us a call at 1-866-8-BROKER (1-866-827-5297) today, and we would be happy to answer your questions, explain your options, and protect your rights to recovery. For more information about avoiding investment scams, request your free copy of our book Five Signs of Investment Fraud ...And What to do if it's Happened to You.