Officials Warn of Fraud in 2007

None by KCPW

(KCPW News) Crooks took their most successful scams straight from the headlines in 2006, offering big money for investment in booming real estate, oil exploration and services for senior citizens. State Division of Securities Director Wayne Klein says those trends are likely to separate Utahns from their wallets in 2007.

On average people in the Beehive State are swindled of at least ten-million dollars through investment scams each year. While the scams may have different selling points, Klein says all frauds have hallmarks that include the need to invest immediately for the promise of high returns with a no-risk guarantee.

To protect against fraud, Klein says you should confirm the person is licensed to sell investments, that the stock offering is registered with the Division of Securities and that you get a written summary before investing.

Email to a friendPosted in KCPW Newsroom. Copyright 2008 KCPW