No one is immune to becoming a victim of investment fraud. From first-time investors to experienced investors, everyone needs to approach investment opportunities with caution. Statistically, senior citizens are the demographic most commonly targeted by investment scammers. The American Association of Retired Persons reports that the average investment fraud victim is 69 years old, and 30 percent of all investment fraud victims are in the over-60 age bracket.
Scammers target the elderly because, at their advanced age, they may have accumulated valuable assets like a home and are also more likely to suffer from a weakened mental state. Con artists are also known for using positions of trust to get their acquaintances, friends and even family members to buy into their investment scams. While these scams come in all shapes and sizes, the common thread is often a play on emotions.
If an investment sounds too good to be true, it might be. If you've been presented with an investment offer, take the time to think it over and do some research before you dive in.
Some helpful questions to ask before you invest include:
- Is the broker registered?
- Does the broker have a history of violating laws?
- Is the investment registered with the SEC or other regulatory agency?
The holidays are rapidly approaching, and investment scams can increase during this season. If you believe that you or a loved one has fallen victim to an investment scheme and suffered significant financial losses, or if you have concerns about an investment and want to learn more, please contact an investment fraud attorney at Meyer Wilson today to receive a free and confidential case evaluation.