National Financial Literacy Month
Learn How to be a Smart Investor
FOR IMMEDIATE RELEASE
Contact: Pam duPré
During National Financial Literacy Month, Secretary of State Ross Miller warns Nevadans to beware of scam artists who’d like to part them from their money
(Carson City, NV – April 15, 2010) – In recognition of National Financial Literacy Month and income tax refund season, Secretary of State Ross Miller is reminding Nevadans to check before they invest their money.
“Scam artists will take advantage of any opportunity to lure people into a fraudulent investment. This is the time of year when a lot of people have a little extra cash in the form of a federal income tax refund, so the fraudsters may be out in full force,” said Secretary Miller, who co-chairs the National Association of Secretaries of State Securities Committee. “But investment fraud is nearly always preventable if people just do a little checking and educate themselves on how to recognize an offer that is literally too good to be true.”
Nevada law requires that individuals who solicit financial investments be licensed and that the security they’re offering (such as a stock, share, promissory note, etc) be properly registered. That information is available by calling the Secretary of State’s Securities Division at 1-800-758-6440.
Information on how to recognize a potentially fraudulent scheme is available under the Securities Center at www.nvsos.gov, including the Tips to Avoid Investment Fraud listed below.
Tips to Avoid Investment Fraud
• Check out the Person Offering Investment Deals Nevada law requires most securities and the people selling them to be registered by the state. Check them out with the Nevada Securities Division BEFORE YOU INVEST by calling Las Vegas 702-486-2440 or toll-free 1-800-758-6440.
• Beware of High-Pressure Tactics and Promises of Big Returns Say "no" to any person who pressures you to make an immediate investment decision. You need time to do your own research. Any ethical salesperson will understand this. Also, beware of guarantees of high returns on your investment and assurances of low or no risk. Chances are offers like that are too good to be true.
• Keep in Mind that Good Manners Don't Indicate Personal Integrity Con artists are generally extremely polite, knowing that many of us equate courtesy with personal integrity. Swindlers are also counting on your good manners to keep you from cutting them off. Don't let your good manners land you in trouble.
• Exercise Particular Caution if You Are an Older Citizen The elderly, and particularly older women, are a frequent target of scam artists. Always seek the advice of a neutral party before investing.
• Report Investment Fraud Immediately, Despite any Embarrassment You May Feel If you suspect you have been victimized, call the Securities Division immediately. The sooner you report fraud, the better your chances of recovering some or all of your investments.
For more information on how to become an educated investor, visit the Securities Center at www.nvsos.gov.