Regulators and law enforcements agencies are warning investors to be aware of scams involving COVID-19 and related issues. Fraudsters often take advantage of turbulent times and national emergencies to prey on the vulnerable and take advantage of the gullible or greedy. And the senior population is often a primary target for scammers.
Near the outset of COVID-19’s entry into the U.S. consciousness, the Securities and Exchange Commission issued an Investor Alert warning investors about investment frauds relating to the outbreak. Similarly, the Financial Industry Regulatory Authority Inc. posted an Investor Tips with five questions to ask for “some financial peace of mind in the age of coronavirus,” including preparing to say no to potential coronavirus stock scams. And the Federal Trade Commission has posted multiple blogs on this issue, including here, here, and here.
This article first appeared on Investment News on March 24, 2020. To read the full article please visit Investment News. A subscription may be required.
*Taylor Anderson, Law Clerk (NY Bar Admission Pending) also contributed to this article.