Logansport, Indiana (PRWEB) August 23, 2012
Scott Starr, of Starr Austen & Miller, announced an alert to the public today about the large wave of investment scams that are currently being targeted towards Baby Boomers.
The first Baby Boomers turned 65 in 2011, and more than 76 million of them have now reached or are approaching retirement age. Because soon to be retirees and those who have just recently retired have, on average, larger pools of investment income and retirement savings they have always been a prime target for investment scams. However, with the increase in total volume of soon-to-be retirees the incidences of investment scams and frauds are only expected to increase. For example, the North American Securities Administrators Association has reported a doubling of enforcement actions involving victims 50 years or older between 2009 and 2010, and continued increases are expected. For further details, see http://www.foxbusiness.com/personal-finance/2012/07/20/baby-boomers-con-artists-are-targeting/.
Further, this trend is compounded by the fact that the 2008 financial crisis hit the Boomers generation particularly hard. Starr states, “This generation generally had a large amount of investment income saved up for retirement by 2008 when the market severely crashed. Therefore, they may have lost a large chunk of it without a sufficient opportunity to recoup it before retirement begins. Many are now rightly concerned about having enough retirement savings to last their lifetime. Unfortunately, this fear may make them more susceptible to a scammers pitch.”
Starr went on to explain, “There are warning signs for investment cons. Two of the biggest include high pressure sales tactics and the promise of no or low risk, coupled with high returns on your investment. Hearing either of these should make warning bells go off in your head.” He went on to say, “Before investing any money in a new investment you should take several steps. First, determine if the person trying to sell or pitch you the investment is licensed to provide investment advice or sell securities. Second, determine whether the securities that are being pitched are registered. And finally, then investigate the record of both the investment advisor or broker and the company they represent, paying special attention to any disciplinary history.”
If you believe you have been taken advantage of as part of an investment scam you should contact a trusted investment advisor or lawyer right away. An attorney who is knowledgeable regarding securities and investment fraud can help you determine if you have a case, and attempt to help you recover your hard earned money.