Get Rich Quick Scams
| November 18, 2019
My father recently lost his job, and I’m concerned that he’s making bad investment decisions in hopes of “getting rich quick” while he’s out of work. How can I make sure that he isn’t getting involved in a Ponzi scheme or other investment scam?
It can be difficult to approach your parents with financial concerns even under the best conditions, especially if they are used to making their own investment decisions. When you add in a crisis complication like unemployment, the task can seem impossible. Almost everyone hits hard financial times at some point in his or her life, whether that’s due to divorce or unemployment.
Any investment fraud lawyer can tell you that, when the financial situation looks bad and your savings are dwindling, you are even more susceptible to sweet-talking fraudsters promising fantastic returns with no risk. It can be difficult to talk to your parents about their financial situation, but the most important thing you can do to protect your father from investment scams and Ponzi schemes is to open the lines of communication and listen for anything fishy about the investment while you talk. Start with simple questions about:
- Why he is interested in a certain investment
- How the investment works
- How he found out about it and who is offering it
- How it fits into his long-term plans
To help you continue the discussion with your father and arm you with solid information, we’d also be happy to send you a FREE copy of our helpful book Five Signs of Investment Fraud …And What to Do if it’s Happened to You, which helps investors recognize the signs of financial fraud and offers crucial information about what to do if you are lured in by fraud. Just give us call today to speak with an experienced investment fraud lawyer.
You can also learn more about recovering losses after a Ponzi scheme by watching Attorney Dave Meyer’s video below.
Learn more about the aftermath of a Ponzi scheme by reading Attorney David Meyer’s post for ABA.