The Michigan Legal Hotline for Seniors is reporting that more and more investment scams and frauds are being targeted at retirees and older adults. The recent news reminds us that even wealthy, smart people can be taken advantage of and lose a lot of money.

The Michigan Legal Hotline for Seniors offers two tips to help you spot an investment fraud:

  1. Be very skeptical if someone tells you that he can only let a few investors in on an investment. A legitimate investment adviser won’t expect you to keep secrets about a “special deal”.
  2. Do your homework. A legitimate investment professional must be properly licensed and his firm must be registered with the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) or the Michigan Office of Financial Industry Regulation.

These public registrations can be verified at FINRA BrokerCheck,  the SEC’s Investment Adviser Database or the Michigan OFIR.

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