The Ohio Department of Commerce has recently released their 2011 list of popular Ohio investment scams, and warns investors to be on the lookout. As the years of this poor economy stretch on, many fraudsters are seeing a profit from preying on those seeking financial stability for the future by "promising" high returns with little risk.
The most popular Ohio scams for 2011 were:
- Ponzi schemes
- Unlicensed and unregistered sales
- Affinity fraud
- Promissory notes
- Distressed real estate schemes
This is the 4th year in a row that the Ponzi scheme topped the list.
What should Ohio investors do? As always, be prepared to do a little research before you agree to an investment opportunity. David Goodman, the Director of the Ohio Department of Commerce, reminds investors that, "Con artists prey on peoples' fears by exploiting today's headlines with promises of ‘guaranteed' returns at no risk. Don't be fearful. Be knowledgeable. There is no such thing as a no risk/high return investment."
Our securities fraud lawyers help people who have lost "nest eggs" or retirement funds to fraudsters. We have recovered millions of dollars in losses for our clients through stockbroker mediation, arbitration, and litigation, and we look forward to speaking with you about your unique case.