Utah Division of Securities Warns Against Wall Street Headline Scam
The Utah Division of Securities is warning Utah investors to be on the lookout for con-artists. They may be using recent Wall Street headlines to scare consumers into taking their money out of trusted accounts.
The Utah Division of Securities has listed the Top 5 investor threats for 2016 to help investors against schemes, where con-artists are claiming to be licensed investment advisors. Ponzi schemes, and advance-fee schemes are also causing problems. Even though Utah has a strong economy, state investors are still receiving these threats.
“The thing we are trying to do is to make people aware that at times like this when there has been a lot of volatility in the stock markets and you’ve seen the headlines about the DOW dropping 300 plus points in consecutive days, that fraudsters and scam artists follow the headlines.”
That was Keith Woodwell, director of the Utah Division of Securities.
“They use times like this to try to capitalize on the fear that people have to make pitches for questionable investment products that often end up leading to a lot of trouble for people.”
Woodwell says the best advice for investors is to question possible investment options and take time to review financial choices.
“The overriding message of all the public outreach and investor education we do is check before you invest.”
Woodwell says if you have been confronted by scams or scam artists, it is best to contact the Division of Securities.