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January 31, 2009 at 07:00 PM
Recent stock market volatility and declining yields on CDs and other fixed- income investments are bad news for two reasons: first, they erode client retirement assets and income and second, they unleash more and increasingly devious investment scams.
State securities regulators warn that fraudsters are now preying on investor fears and desire to recapture income. “The recent turmoil in the credit and real estate markets has led some investors to seek higher returns in non-traditional, speculative investments — a proven feeding ground for unscrupulous promoters,” says Ron Thomas, director of the Virginia securities division. For advisors, that means getting involved to help clients avoid such schemes.
