Veterans are Being Victimized by “Pension Strategy” Schemes

The U.S. Government Accountability Office (GAO) has issued a report warning about insurance agents, financial planners and attorneys who are taking advantage of elderly and low-income veterans by selling them deferred annuities and trusts on the pretext of helping them stay below the income threshold needed to qualify for pension benefits from the Department of [...]

The U.S. Government Accountability Office (GAO) has issued a report warning about insurance agents, financial planners and attorneys who are taking advantage of elderly and low-income veterans by selling them deferred annuities and trusts on the pretext of helping them stay below the income threshold needed to qualify for pension benefits from the Department of Veterans Affairs. (more…)

 

Pump and Dumps are All the Rage

Few things are certain in investing, but losing 100 percent of your investment in a pump and dump scheme is a lock.

Imagine that your stockbroker has discretionary control over your account, which means he has written authorization to buy and sell without clearing each trade with you first. Many brokers and most registered investment advisers have that kind of authority over their clients’ accounts. Now imagine that your broker is behind on his commissions for the month and is having a hard time making ends meet at home. Through a friend, he hears about someone who is willing to pay him several hundred dollars per month to buy certain stocks for your account. His thinking might go like this: I’m going to buy stocks for the account anyway. Why not buy that stock and get paid a little extra? Friends, it happens every day. Last week the SEC filed an enforcement action that includes allegations like that. According to the SEC’s press release: (more…)

SEC Nabs Former “CHiPs” Star in Micro-Cap Fraud

Scamsters can afford to share the profits of their enterprise with those they hope to recruit to the effort.

The U.S. Securities and Exchange Commission (SEC) and the FBI have charged several individuals and businesses with operating a stock fraud scheme that targeted pension funds and other institutional investors.  Among those charged was former star of “CHiPs” Larry Wilcox, who played Officer Jonathan Baker on the 1970’s hit show.  Baker has agreed to plead guilty.  According to the SEC’s press release: (more…)

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