Financial Scams
As financial scams get more common and devious, Bob Carlson shares his expertise to help subscribers stay up to date
Found 64 Articles.
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Bernard Madoff and Classic Frauds
Most investment frauds, especially Ponzi schemes, last five years or less and steal relatively modest sums. Two of the many remarkable aspects of the Ponzi scheme of Bernard Madoff are that the fraud apparently persisted for decades and cost investors billions of dollars. Yet, many aspects of the scheme are classic, unremarkable features of run-of-the-mill […]
Red Alert for Financial Frauds
The financial crisis means it is time to be on high alert for financial frauds. Scamsters know this is the best environment to find vulnerable targets. I dug through my files recently for a 2004 Wall Street Journal interview with imprisoned scamster Eric Stein. He laid out how frauds operate and why now is a […]
Senior Protection Moves to the Forefront
Seasoned investors might find reduced opportunities to receive free lunches and other treats. But they will gain better and swifter legal protection. After decades of bearing the brunt of most financial scams, senior Americans are receiving help. Scams that involve possible fraud against senior investors will be on the investigative fast track. The Financial Industry […]
Basic Steps to Limit Vulnerability to ID Theft
There have been changes in our knowledge of ID theft. We know more about the crime than in the past, and there are some new trends. One trend is that the growth rate of the crime is slowing. A few years ago it was by far the fastest-growing crime, with new cases increasing by at […]
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Know the Financial Scams that Target Seniors
Older Americans have most of the money, and crooks know that. So do people who operate within the law but beyond the usual definition of ethical, selling people products that aren’t appropriate for them. That is why we have a number of ill-suited financial products specifically pitched at those 55 and over, and especially at […]
Avoiding Scams by Loved Ones
Though it does not get much attention, a high percentage of the scams and thefts perpetrated on older Americans are com-mitted by their loved ones. The number of scams on the elderly and how much money is involved are unknown, but experts suspect that family and friends take advantage of retirees more than strangers do. […]
Who Falls for Frauds? A Surprising Answer
You might be more susceptible to investment and financial fraud than you think. New research found that the most likely fraud victims do not match the stereotype of a befuddled, uninformed senior living alone. The NASD Investor Education Foundation sponsored a study to determine who among senior citizens is likely to become a fraud victim, […]
The Newest Wrinkle in ID Theft
ID theft is a booming business, and not always for the crooks. Firms are responding to fears of ID theft with new services. A host of ways now exists to protect you from ID theft or limit the damages from theft. Not all these services are effective or worth the money. Don’t be stampeded into […]
