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Leigh Davis-Schmidt Securities Examiner

Leigh Davis-Schmidt Securities Examiner. Utah Division of Securities Mission:.

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Leigh Davis-Schmidt Securities Examiner

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  1. Leigh Davis-Schmidt Securities Examiner

  2. Utah Division of Securities Mission: The Securities Division enhances Utah’s business climate by protecting Utah’s investors through education, enforcement and fair regulation of Utah’s investment industry while fostering opportunities for capital formation.

  3. Register Securities License Investment Professionals Conduct Compliance Examinations Educate Investors Investigate Investor Complaints Enforce State Securities Laws How Do We Accomplish This?

  4. Top 10 Ways to Lose Your Money

  5. Ponzi Schemes Unlicensed Individuals Selling Securities Unregistered Investment Products Promissory Notes SENIOR INVESTMENT FRAUD High-Yield Investment Schemes Internet Fraud Affinity Fraud Variable Annuity Sales Practices Oil and Gas Schemes

  6. EVERYONE IS A TARGET – ESPECIALLY SENIORS! Why Is This Important To You?

  7. Home To Answer The Phone Or The Door May Have Substantial Assets (e.g., Home, Retirement & Other Savings Accounts) Fear of Losing Financial Independence Why Seniors Are Targeted

  8. Not All Investments Are Appropriate For All People Get A 2nd Opinion From Other Financial Professionals Discuss With A Trusted Friend Or Relative Unsuitable Investments

  9. “Senior Specialists” Certified Elder Planning Specialists (The National Registry of Elder Planning Advisors) Certified Senior Advisors Senior Benefit Centers Network Senior Financial Survival Workshop Phony “Experts”

  10. Annuity University • Use Introductory Seminars • Offer Free Meal • “Probe, Then Disturb, Then Enhance The Problem” Wall Street Journal July 2, 2002

  11. Annuity University • “You’re there to solve their problems, but you have to create those problems first – No Problem, No Sale” • “Tell them you can protect their life savings from nursing-home and Medicare seizure of assets. They don’t know what that is, but it sounds scary…it’s about putting a pitchfork in their chest.” • “Show them their finances are all screwed up so that they think Oh, no! I’ve done it all wrong – this will make you money” Wall Street Journal July 2, 2002

  12. To age 99 Source mass mailing sent to Maryland life agents

  13. Equity Index Annuity

  14. Boiler-Room Brokers Cold Callers High Pressure Sales Promissory Notes Affinity Fraud Off-Shore Trading Programs, Bank Debentures, Prime Bank Instruments Reload Scams Other Schemes

  15. Locked Doors 157,000 Telephone Calls 50 Cold Callers Stratton Oakmont - 13,000 Calls Per Month To Utah Citizens Scam People Located Out Of State Typical Boiler Room

  16. 10% Per Annum ForeignCurrency Investor’s Name

  17. “I am also a member of (insert your religious, ethnic, professional or community-based organization)” Same “deal” was made with a prominent leader of your organization – “name dropping” Example: TooeleCommunity Affinity Fraud

  18. Not A Solicitation IMF Sponsored High Yield Investment Program $600 Billion In 10 Days

  19. 665% In 12 Months Secret Currency Beyond Reach of Government Used By World’s Wealthy

  20. Once A Victim, Twice A Victim… “I promise, you’ll make your money back if only you’ll invest in…” Promoter's Will Not Only Sell A Scam To The Same Person Twice, They Share Their List of “Suckers” With Other Promoters What Is A Reload Scam?

  21. So, What Can You Do?

  22. Ask Questions – Be An Informed Investor Check Out Strangers Touting Strange Deals Watch Out For Salespeople Who Prey On Your Fears Try To Rush Your Decision Don’t Be Afraid To Hang Up The Phone Don’t Put All Of Your Eggs In One Basket Monitor Your Investments - Always Stay In Charge Of Your Money

  23. Get Everything In Writing And Keep A Copy Of All Documents Risk No More Than You Can Afford To Lose If You Don’t Understand The Investment - Avoid It!!! Read And Understand Everything You Sign Don’t Let Fear or Embarrassment Keep You From Reporting Fraud Or Abuse Pass This Information On To Your Family, Your Friends, And Others

  24. REMEMBER: Investigate EVERYTHING Before You Invest

  25. Utah Division of Securities1-800-721-SAFE (7233)(801) 530-6600www.securities.utah.gov

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