Telemarketing fraudulent investments: Watch out!

 

Despite all of the attention paid to the dangers of fraudulent investment schemes, promoters are still out there using tried and true methods.

Last week, I was sitting at home, quietly reading a book. The phone rang and a loud, very commanding voice said, “Hi I am (and he gave me his name)”. He then began an aggressive speech (which was clearly taped) that talked about the oil and gas sector and how successful it had been over the past year. He announced that he had a very good opportunity that would give an investor 70% return annually! He then said that all you needed was to “be liquid for $12,000” (investor jargon) and the returns would begin after 90 days. The voice then told me to “Press 1 if I was an investor.”

I believe that I received a similar call several months ago. I think this is an ongoing scheme.

I tried to imagine how others might react to such a call, particularly if they were vulnerable in some way. 70% returns would have a special appeal to people with financial needs. Would they even stop and consider how ridiculous the offer was?

Clearly, the calls are random calls and the individuals behind it must be finding enough people to cough up the money to make it worth their while.

We put together a new program called Protect Your Money to help people do their research before making a commitment to a particular investment.

If you get a call like I did, use this program to find out what steps you can take to protect yourself. I also found another US website that highlights all of the different techniques used to lure you into a fraudulent scheme. Take a look at it as well. Share this information with your friends and family, especially if you know that they might be vulnerable to a pitch like this.

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