Investment Scams Targeting Older Adults on the Rise

from Council on Aging of Middle Tennessee

The Better Business Bureau issued a warning notifying citizens that investment scams targeting older adults are increasing. Of course scams like this affect all ages; however, an uptick of complex investment opportunities are being directed at older investors. Some of these scams may include unregistered securities, promissory notes, charitable gift annuities, Ponzi schemes, etc.

Here are some tips for spotting investment scams:

  • Don’t trust any claims where there are no risks. ALL investments carry some sort of risk.
  • Disregard promises of big money fast. No one can predict how investments will pay out.
  • Don’t make an immediate decision. Con artists love applying pressure for on the spot decisions.
  • Get everything in writing prior to making any decisions. A legitimate company won’t have a problem with a paper trail.
  • Take the time to check out investment opportunities with your state’s securities regulator or the federal Securities and Exchange Commission (SEC) at www.sec.gov or 202-551-6720.