Utah Agencies Warn of Senior Investment Fraud
The Deseret News recently reported that the Utah Department of Commerce and the Utah Division of Securities teamed up to release a current Top Ten List of Investor Threats. The agencies hope that the Top Ten list will help educate investors about investment scams in Utah, and they say it includes stories from real people who have been affected by investment fraud.
Here are a few of the top investor threats listed by the agencies:
- Gold and precious metal investment fraud
- Promissory notes
- Unlicensed and unregistered promoters
- Risky oil and gas investments
- Real estate investment scams
The agencies also want older investors to be aware that senior investment fraud is still a threat and that many fraudsters choose to prey on elderly and retired investors. Francine Giani, executive director with the Utah Department of Commerce, stated, “As technology advances and the stock markets rise and fall, senior investors remain prime targets for investment fraud.”
Although state officials understand that it’s easy to be swayed by “promises” of high returns and low risk, they remind investors that an opportunity that sounds too good to be true probably is. Investors are encouraged to always research the investment and the promoter before handing over their cash.