Why Is It So Important for Women to Understand Investment Fraud?
| November 18, 2019
Although we all have dreams about the “perfect life,” the reality is that most of us go through periods of unexpected change at some point. Getting married, getting divorced, losing a loved one, or changing / losing careers all affect our personal lives and our financial futures. A recent NASAA program focused on empowering female investors emphasizes that women need to be financially aware and prepared for unexpected money challenges. And we agree.
Women often find themselves suddenly in charge of the finances after a divorce or death, and it can be a confusing. Unfortunately, fraudsters prey upon women who are going through transitional periods, and will take advantage of your emotional situation as much as they take advantage of your financial situation. Even “good” changes, such as a new job, can sour if you’re not armed with the information you need to make good decisions and avoid investment fraud.
The Statistics Are Eye-Opening:
- 99% of women will take financial responsibility for themselves or their families
- 40% of households have female breadwinners
- 2/3 of women (40-79) have experienced a major financial transition
- Fewer than 50% of women have a retirement plan
How Can Women Avoid Investment Fraud?
Women can avoid investment scams by following a few simple guidelines:
- Always do your research.
- Meet in person.
- Check up on your broker.
- Pay attention to account statements.
- Be wary of claims of high returns with little risk.
- Get it all in writing.
- Don’t let them pressure you.
If you have any trouble obtaining documentation or feel uncomfortable after meeting in person, trust your gut. Fraudsters make it their business to be charming and convincing, but it only takes a little work on your end to make sure they are what they seem. Unfortunately, some investment scams are so elegant that you could be taken in no matter how careful you are. If you are the victim of a Ponzi scheme or other type of investment scam, contact an experienced investment fraud attorney today to discuss your recovery options. We have recovered millions of dollars in losses for our clients through FINRA arbitration, mediation, and litigation.