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Learn the Do’s and Don’ts to Maximize Your Chances of Recovering Your Investment After Investment Scam Attacks
Key Ideas
- Why you should speak up when investment fraud occurs
- Contact information for regulatory services that handle fraud complaints.
Prevention is your best defense against becoming a victim of investment fraud and This site has numerous articles that educate you on how to avoid investment scams..
However, if you are reading this article, it is probably too late for this message.
Your typical first reaction when you realize you’ve been the victim of investment fraud is a combination of anger and embarrassment. You made a bad deal and it doesn’t feel good.
“One should never turn his back on a threatened danger and try to run away. If you do this, you double the danger. But if you meet it immediately and without hesitation, you reduce the danger by half.” –Sir Winston Churchill
It can be tempting to sweep the mistake under the rug and move on with your life, leaving everything behind.
This is a mistake…
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You Are Not the Only Victim of Scam
You’re probably not the only victim, and every day More people will suffer if investment fraud goes undetected.
By complaining to the authorities as quickly and loudly as possible, you are doing your best to fight against the scammer and at the same time increase your chances of recovering your lost money.
This isn’t a perfect solution, but it’s the best you can do under the circumstances.
According to Bruce Sankin, NASD’s auditor and mediator, “91% of investors who knew their rights, first mediated and then resorted to arbitration recovered some or all of their investment losses.”
This is a valuable and valuable statistic to know. Must be very motivating If you think you’ve been a victim of investment fraud, take action.
However, to understand the above quote, Difference between stock broker fraud at a legitimate firm and investment fraud by the firm itself. Each requires a different course of action to seek solutions.
How to Report Scam?
If you are facing stock broker fraud within a legitimate firm, your first step is to complain in writing, first to the broker and then to the branch manager.
People who follow this procedure are the ones who get the results Bruce mentioned above.
But there are times when the entire company is crooked. In this case, carrying out corrective action within the same company will probably not work.
It makes more sense to turn to regulators for additional help.
Relating to:
How Does Your Financial Advisor Get 75% (Or More!) of Your Retirement Income? Video, PDF download or Audio.
Below is a list of regulatory resources you can use to file investment fraud complaints if your complaint with the offending firm is not resolved:
- Securities and Exchange Commission: Email address enforcement@sec.gov, fill in online complaint formFax 202-772-9235 or mail to the SEC Complaint Center at 100 F Street NE, Washington, DC 20549-5990. You can also call them at 202-551-6551.
- State Securities Regulator: Visit the national website: http://www.nasaa.org For local regulators and online complaint form or call 202-737-0900. You can send an e-mail to: cyberfraud@nasaa.org .
- National Association of Securities Dealers regulatory branch (NASDR) now called FINRA On behalf of the Financial Sector Regulatory Authority: http://www.finra.orgonline complaint formor call 800-289-9999.
- Federal Bureau of Investigation (FBI): You can find local offices on their websites: http://www.fbi.gov
- Better Business Bureau: http://www.bbb.org
- Your local District Attorney’s Office Consumer Protection Unit
- Your local Office of Postal Inspectors if mail was used as part of the investment fraud process
“Your only obligation in any life is to be true to yourself.” –Richard Bach
Remember, scammers cannot be prosecuted and your money cannot be refunded unless you speak up. You don’t want the cheater to get away with this, right?
The sooner you contact these resources, the more likely you are to prevent investment fraud from victimizing another person like you.
Help others while helping yourself by complaining immediately.
Who knows, you might even get some of the money you lost back…
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