Because you might be planning for retirement, several investment scams have targeted individuals looking to safeguard their cash.
From pyramid schemes, like the one that made Bernie Madoff infamous, to stories of a Nigerian prince looking for a partner to claim inheritance money, investment schemes have long been a successful way to take advantage of you.
How to avoid becoming a victim:
- Use www.BrokerCheck.finra.org to check if a broker is a licensed or if someone has complained about them.
- Read about and understand any investment before you give someone your money. Ask for information in writing. Use the EDGAR database (www.sec.gov/edgar/searchedgar/webusers.htm) to research investments and investment companies.
- Get the name and company information of the salesperson offering an investment. Research the salesperson and the company before you decide to invest.
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