This year many families are experiencing tremendous economic pressures. Many have seen their savings and investments plummet. Economic uncertainty may pressure many consumers to re-evaluate their investments and consider selling or investing more money to reap the rebound of Wall Street in the future. With any investment decision, there is potential for fraud; someone trying to cash in on another’s fortune or misfortune.
University of Illinois Extension has just launched a new section of the Plan Well, Retire Well website, titled Avoiding Investment Fraud. Using a case study, consumers learn about types of investment fraud such as affinity fraud and pump and dump scams. In addition, the section helps you to determine the difference between investment risk and investment fraud. Resources are also provided to help consumers choose a qualified financial professional to help them navigate their financial future.
Remember investment fraud can happen to anyone. Be careful if something sounds too good to be true! Check out how to avoid investment fraud today at www.RetireWell.uiuc.edu.
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Source: Jennifer Hunt, Extension Educator, Consumer and Family Economics, University of Illinois Extension, (309) 694-7501, jlhunt@uiuc.edu
