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An informed investor is the best protection against securities fraud. Scam artists prey on people who don't ask many questions and take the time to understand the "mechanics" of a particular investment. Know how to recognize fraud and reduce the possibility of falling victim to an investment scam.
First, make sure you get proper written information such as a prospectus or offering materials before you buy. The documentation should contain enough clear and accurate information to allow you or your adviser to evaluate and verify the particulars of the investment. Most importantly, ask and check on the investment promoter's background--make sure that person is licensed to offer and sell investments in Michigan and does not have a disciplinary history with regulators.
But con artists are skilled liars and can make a fraudulent investment look and sound legitimate. How can you tell the difference? Take note of the following fraud prevention tips on how to ask the right questions and verify the answers before you invest:
FightingFraud 101Don't Get Swept Away by Romance Sam by NASAA
Red Flags of Guardian Financial Abuse
Additional Resources:
FBI Internet Crime Complaint Center (IC3)
Investment Fraud Awareness Quiz
Learn How to Identify and Report Frauds and Scams
Scams and Safety: Common Fraud Schemes FBI encounters.
How to Check Your Investment Professional
The information provided on this website is not comprehensive, is not offered as legal or investment advice, and is not a substitute for competent legal or financial counsel. The Securities Division provides this information to give you an overview of the topics discussed. You should not rely on the accuracy of this information but should carefully review all applicable statutes and regulations with the assistance of legal counsel.
Contact Us:
Department of Licensing and Regulatory Affairs (LARA)
Corporations, Securities & Commercial Licensing Bureau (CS&CL)
Securities and Audit Division
Address: PO Box 30018, Lansing, MI 48909
Overnight Mail (FedEx/UPS): 2407 N. Grand River Ave, Lansing, MI 48906
Phone: (517) 335-5237
Fax: (517) 763-0039
Email: LARA-CSCL-Securities-Audit@michigan.gov
