Common Scams to Watch Out For

Resources for Reporting Fraud

Your investment approach should change as you grow older to fit your changing needs. If you are an older Iowan in retirement, you also are a prime target for con artists because you have built up a lifetime’s worth of savings.

Be wary of con artists who will take advantage of this period of change in your finances or changes in the financial markets. During times of uncertainty and change, investment scammers come out in force.

Iowans need to take the time to double-check investment offers with the Iowa Department of Insurance and Financial Services to verify whether the adviser is licensed and the offer is legitimate.

Martha-Jo Ennis, a retired schoolteacher from Marion, Iowa, said she never understood how anyone could fall for an investment scheme until it happened to her — and she lost her retirement savings and an inheritance from the sale of her farm to a Ponzi scheme.

One call to the Iowa Department of Insurance and Financial Services would have let Ms. Ennis know the licensed investment adviser was under review and was later convicted and sentenced for security fraud.

Always double-check before you make an investment and report any suspected investment or insurance fraud to the Iowa Department of Insurance and Financial Services to help friends and neighbors from becoming victims.

As an Iowa Fraud Fighter, you have pledged to be an informed protector of your savings. Being aware of the investment scams to watch out for will help you outsmart the scammers and shield your savings. Here are a few of the most common investment scams circulating in Iowa.

Arm Yourself with Knowledge of Common Scams

Learn how to avoid and report fraud.

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