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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
This tactic can be described as follows:
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.
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