Spring Edition 2024 | Living Power Magazine
By Secretary of State Elaine F. Marshall
Keeping an Eye Out for Scam Artists
As North Carolina’s Secretary of State, I am your “cop on the beat” for regulating securities and protecting our state’s investing public. I want to unofficially enlist all of you into a statewide community watch to keep an eye out for scam artists.
About half of the investment scams that our Securities Division investigates involve fraud being targeted at senior citizens. According to the FBI, people 60 and older across the nation lost nearly three and a half billion dollars
to scams in 2023, and the actual losses are no doubt higher because many scams go unreported. For every documented case of a senior being ripped off, another 44 cases are never reported at all.
to scams in 2023, and the actual losses are no doubt higher because many scams go unreported. For every documented case of a senior being ripped off, another 44 cases are never reported at all.
There are many reasons for that—from embarrassment to concern that if their adult children learn of them being defrauded they may wonder if mom or dad should still be living on their own or managing their own finances.
But here’s the truth: Anyone can be conned—business owners, educators, doctors, or lawyers. No one’s truly immune. These crooks are called scam artists because they are “artists” in a twisted way. They’ve just chosen to devote their talent to stealing people’s life savings instead of helping them build their savings.
If you see a friend being influenced to make some sort of exotic financial investment that they might not fully understand—perhaps with someone they didn’t even know six months ago—don’t be shy. Be nosy. Ask questions.
Don’t fall for promises of high rates of return with no risk of loss. Nothing in life is guaranteed. If something sounds too good to be true, it probably is—and you should definitely report it by calling our Investor Hotline at (800) 688-4507.
With a call to the Investor Hotline, you can find out if the person promoting an investment opportunity is registered to sell securities in North Carolina and if the investment opportunity itself is registered. While not all investment professionals or products have to be registered, not being registered is one of the most common warning signs we see in investment fraud cases.