October 28, 2016: Seniors Can Lose Savings in Investment Scams
Many seniors who are approaching retirement or who are already retired may be tempted to boost their savings by investing their money in higher yield investments.
Promises of stellar returns by dishonest financial advisers or wealth managers can cloud seniors’ judgment. The schemes can range from fraudsters targeting victims who share the same religion or are the same ethnicity, misrepresenting their credentials or unnecessarily trading securities.
Thieves often will not give accurate information about the investments, leading to losses that seniors do not discover until much later.
- Don’t invest in anything if you are uncertain. Do your homework on the investment and the company to ensure that they are legitimate
- Be cautious when responding to special investment offers, especially through unsolicited email
- Inquire about all the terms and conditions
For more information on scams that target seniors, go to the Elder Abuse/Financial Fraud pages of the District Attorney’s website (http://da.lacounty.gov/seniors/financial-fraud) or http://vimeo.com/150942366.
Follow @LADAOffice on Twitter for up-to-date news and use #FraudFriday.