Utah Division of Securities. Leigh Davis-Schmidt Securities Examiner.

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Presentation transcript:

Utah Division of Securities

Leigh Davis-Schmidt Securities Examiner

Utah Division of Securities Top 10 Threats to Investors

Utah Division of Securities 1.Ponzi Schemes 2.Unlicensed Individuals Selling Securities 3.Unregistered Investment Products 4.Promissory Notes 5.Senior Investment Fraud 6.High-Yield Investment Schemes 7.Internet Fraud 8.Affinity Fraud 9.Variable Annuity Sales Practices 10.Oil and Gas Scams

Utah Division of Securities Common Threads Promise of High Returns Promise of Little or No Risk Prey on Investors’ Trust Investors Don’t Ask Questions

Utah Division of Securities Senior Investment Fraud Often Claim to be “Senior Specialists” Certified Elder Planning Specialists (The National Registry of Elder Planning Advisors) Senior Benefit Centers Network Senior Financial Survival Workshop Certified Senior Advisors Sundance Public Relations Ghost Written Books – Alligator Proofing Your Estate Newsletters & Brochures – Senior Times

Utah Division of Securities Use Introductory Seminars Offer Free Meal “Probe, Then Disturb, Then Enhance the Problem” Annuity University Wall Street Journal July 2, 2002

Utah Division of Securities “You’re there to solve their problems, but you have to create those problems first – No Problem, No Sale” “Tell them you can protect their life savings from nursing-home and Medicare seizure of assets. They don’t know what that is, but it sounds scary…it’s about putting a pitchfork in their chest.” “Show them their finances are all screwed up so that they think Oh, no! I’ve done it all wrong – this will make you money” Annuity University Wall Street Journal July 2, 2002

Utah Division of Securities

Equity Index Annuity

Utah Division of Securities Source mass mailing sent to Maryland life agents To age 99

Utah Division of Securities

Why Seniors Are Targeted Home to Answer the Phone or the Door Own Home Free and Clear Have Money From Working & Saving For So Many Years Increased Reliance on Others Home Alone

Utah Division of Securities Remember: You may have more money and equity, but you also have more to lose because you don’t have the time or means to recapture your losses.

Utah Division of Securities How to Spot a Con Artist Con Artists Like to Blend In Disguise True Motives Con Artists Dress for Success Dress Like They are Wealthy Impressive Looking Office Prestigious Sounding Address Con Artists Bring Out the Worst in You Greed, Fear, Insecurity, etc. Con Artists Are Fair Weather Friends

Utah Division of Securities Ten Tips To Protect Your Nest Egg 1.Don’t Be A Courtesy Victim 2.Check Out Strangers Touting Strange Deals 3.Always Stay in Charge of Your Money 4.Don’t Judge a Book by Its Cover 5.Watch Out for Salespeople Who Prey on Your Fears 6.Don’t Make a Tragedy Worse with Rash Financial Decisions

Utah Division of Securities Ten Tips to Protect Your Nest Egg 7.Monitor Your Investments and Ask Tough Questions 8.Look for Trouble Retrieving Your Principal or Cashing Out Profits 9.Don’t Let Embarrassment or Fear Keep You From Reporting Investment Fraud or Abuse 10.Beware of “Reload” Scams

Utah Division of Securities What Can You Do? Ask Questions – Be an Informed Investor Get Everything in Writing and Keep a Copy of All Documents Risk No More Than You Can Afford to Lose If You Don’t Understand the Investment - Avoid It!!! Don’t Be Afraid to Hang Up the Phone

Utah Division of Securities What Can You Do? If It Sounds Too Good to Be True – It Probably Is! Contact the Division of Securities: To See if the Individual Selling the Investment is Licensed To See if the Investment is Registered To Obtain Additional Information on the Individual and/or Firm

Utah Division of Securities REMEMBER: Investigate EVERYTHING Before You Invest

Utah Division of Securities Utah Division of Securities SAFE (7233) (801)