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It didn’t take long for fraudsters to find a way to take advantage
of the catastrophic oil spill in the Gulf of Mexico. The
Financial Industry Regulatory Authority (FINRA) has reported that there is a financial threat to investors associated
with oil spill stock scams. Apparently, investors are being promised financial
gains by investing in companies that allege to be involved in clean-up.
Since the Deepwater Horizon oil rig exploded in the Gulf of Mexico, causing
oil to billow into the water on a daily basis, millions of dollars have
been spent in the cleanup efforts. As of the date of this article, the
long-term costs are still unknown. While experts are looking for ways
to cleanup the oil and stop the leak, scam artists are formulating ways
There are some ways that you can detect an oil spill stock scam.
You need to be cautious if you read a press release, unsolicited fax or
spam email that contains the following:
As with any investment, you need to do your homework first and don’t
rely on the claims and promises made by the company and/or solicitor.
Find out where the stock trades and inquire into the company’s SEC
filings. Be especially careful if the stock is touted as having immediate payoffs.
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Investment Misconduct Blog
Former Voya Financial Advisors, Inc. broker James Knee was barred from the securities industry on May 9, 2018 after refusing to appear for on the record testimony connected to ...
Scammers have a deep arsenal of tactics and tricks they use to prey on unsuspecting investors, and one of the most common and successful is to impersonate a high-profile ...
Former Stifel Nicolaus & Company broker Stephen Hurtuk is facing allegations of selling his customers unsuitable investments. Though he is no longer registered to work ...