Majority of Investment Frauds Are Unreported
A new study conducted by Harris Poll on behalf of the American Institute of CPAs (AICPA) indicates that one in every five adults in the United States have been victims of investment fraud. The study also shows that roughly 60% of investment fraud victims do not report the activity to the proper authorities.
Of the individuals who did not report the investment fraud, 41% believed they were at fault for the fraud and another 25% knew the person who committed the fraud. Twenty-five percent of investment fraud victims indicated they did not know who to contact to report the fraud, and 18% of victims reported being embarrassed that they were taken advantage of.
Gregory Anton, chair of the AICPA’s National CPA Financial Literacy Commission, encourages the reporting of investment fraud. He made the following statement,
By reporting the crimes, they are increasing the chance that the scammers will be brought to justice and reducing the risk that they will target others in the future.
If you have been the victim of any investment fraud or misconduct, it is crucial to report the matter to the proper authorities. Holding brokers and brokerage firms accountable may help in recovering your losses and protect others from suffering the same fate.
At Meyer Wilson, our securities fraud attorneys work to help investment fraud victims recover their losses. Call today to schedule a free consultation.