Don't Be A Victim Of Fraud
by
Richard Lawrence Leeds on Jun. 23, 2016
Summary: Here are some tips on how to avoid being a fraud victim
You Can Avoid Fraud by Careful Checking
Bill and Sarah Warner (not their real names) dreamed of
the day when they could buy a small mobile home and retire to the suburbs. So
the Warners, both 72, invested their life savings with a neighbor who claimed
to be a stock broker with a major brokerage house.
Every so often, they received official looking statements
showed that their investment doubled in just over a year. However, the statements
were phony, their savings were gambled away, and the ex-neighbor is now in
federal prison, and the Warners probably won't recover a cent.
While senior citizens have always been a favorite target
for con artists and thieves, there appears to have been a dramatic increase
in the number of these crimes during the
past few years. Yet, according to officials with the major frauds unit of the
District Attorney's Office, budget cutbacks and layoffs means fewer staff members
to investigate and prosecute claims of fraud. So what can senior citizens do to
protect themselves from becoming victims?
1. Check credentials and references. A
legitimate investment company or contractor shouldn't be offended if you ask
for a list of references. Be sure to call names on the list once you get it.
Don't be afraid to ask questions about the quality of
service and honesty of the company when checking in contractors and home repair
companies. Call the Contractors State License Board at 1-800-321-CSLB(2752) or
check with the Better Business Bureau by calling (909) 825-7280 and ask if any
complaints were filed against the particular company.
For license information on investment companies or
individual brokers, call the Financial Industry Regulatory Authority at
301-590-6500. If you are dealing with a broker outside of their office, call
the broker's main office number to make sure that he or she is really employed
there.
Los Angeles County also has a Community and Senior
Services office at 800-510-2020 which can direct you to appropriate agencies if
you need further help.
2. Ask the opinion of friends or relatives.
Before you invest or sign an agreement for
services, discuss the matter with a close friend or family member. It
can help to get an objective opinion from someone not involved in the
transaction. If there is an agreement to be signed, make sure you read all
print, large or small, and have someone you trust explain to you the meaning of
any parts you don't understand.
