Advisors Beware: Con Men Targeting Your Clients (AdvisorOne)

Scammers have set their sights on worried investors by posing as investment advisors. “These financial scams are a quick way to make a lot of money and more profitable than knocking over an old lady with a purse,” said Tom Ajamie, managing partner of Houston law firm Ajamie LLP and co-author of Financial Serial Killers. Ajamie has some tips to keep a criminal from making off with your money. Avoid “guaranteed” high returns. The abundance of new products has given criminals an opportunity to sneak in fake products, many of which fall into less regulated asset classes such as private placements and real estate investment trusts. Check up on advisors online through FINRA’s broker check.