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FSAIF – Florida Seniors Against Investment Fraud

FSAIF – Florida Seniors Against Investment Fraud. Provided by:. Introduction. FSAIF- Florida Senior Against Investment Fraud Investor Education Outreach Program Florida SAIF. Sponsors.

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FSAIF – Florida Seniors Against Investment Fraud

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  1. FSAIF – Florida Seniors Against Investment Fraud Provided by:

  2. Introduction FSAIF- Florida Senior Against Investment Fraud Investor Education Outreach Program Florida SAIF Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  3. Sponsors Seniors vs. Crime, - a special project of the Florida Attorney General whose primary goal is to assist seniors against crime and fraud. • Preventing crime against the elderly. • Educating seniors about consumer fraud. • Assist senior victims through volunteer mediation services or referral to other agencies. • Promote senior involvement with law enforcement for the protection, well being, and peace of mind of seniors. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  4. Sponsors Florida Office of Financial Regulation- state agency who is responsible for: • Supervising state-chartered banks, credit unions, savings associations, and international bank agencies. • Licensing and regulating non-depository finance companies. • Licensing and regulating the securities industry. • Defending the public from investment and securities fraud. • Protecting Florida's citizens against entities that violate financial state laws and rules. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  5. Sponsors The Investor Protection Trust The FSAIF project is funded in part by a grant from the Investor Protection Trust (IPT). The IPT is a non-profit organization devoted to investor education. Since 1993 the IPT has worked with the States to provide the independent, objective investor education needed by all Americans to make informed investment decisions. www.investorprotection.org Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  6. Investment Fraud Three Goals of FSAIF Program • Spot Investment Fraud • Avoid Investment Fraud • Stop Investment Fraud Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  7. Spot Investment Fraud What is Fraud? • Fraud involves deliberate deceit, misrepresentation or concealing valuable information. • The goal of fraud is to persuade you to part with your money. • Consumer fraud is intentional. • Fraud comes in many shapes and forms (i.e. mail, telephone, internet, person to person) Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  8. Spot Investment Fraud Victim Profiles: Who are the most vulnerable? • Seniors • Women • Widowed Persons • Those living alone • Those who have been defrauded before Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  9. Spot Investment Fraud Victim Profiles: Why are you vulnerable? • Accessibility – Usually home during the day. • Isolation – Maybe home bound or family does not live close by. • Manners – Not willing to hang up on someone or not inviting them to your home. • Retirement Fund – Disposable income – MONEY Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  10. Avoid Investment Fraud Be Safe – Call FSAIF First! 1-800-848-3792 FSAIF Four C’s Model • Call FSAIF First. • Consider all your options. • Compare the product to others. • Consult with someone you trust. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  11. Call FSAIF First • Confirm the sales person and company are properly authorized. (licensed or exempt) • Check any complaints or actions filed against the sales person or company. • Identify possible “red flags” associated with the solicitation. • Locate other available resources. • Get information on current scams. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  12. Consider All Your Options • Do not be pressured into making a quick decision. • Take the time to read all the materials- BEFORE you make a decision. • Make sure you understand everything about the investment. • Get all verbal promises in writing. • There is no such thing as a “NO RISK” investment. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  13. Compare The Product To Others • Shop around. • Show a competitor the offer. • Do your own research. • Is the product right for you? • Don’t believe everything you are told. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  14. Consult With Someone You Trust • Talk to a trusted advisor - family member, attorney, or accountant- BEFORE you sign anything. • Always tell the salesperson that you will study the documents. • Get a second opinion. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  15. Stop Investment Fraud Prevention Tips: • Always check out the financial professional, company and products, BEFORE you invest. • Never make a financial decision on the spot. • Always ask questions and take your time. • Always report to police if you are suspicious of someone. • Always check your monthly credit card, bank and investment statements. • ALWAYS GET IT IN WRITING Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  16. Community Resources Resource Guide handout has contact information on: • State • Federal • Self-Regulatory • Non-Profit Organizations • Web-Sites • Contact FSAIF – 1-800-848-3792 Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  17. Dialing for Dollars- DVD Produced by the United States Postal Inspection: Telemarketing fraud cost American millions of dollars every year. And when it comes to phony investment “opportunities,” older Americans are prime targets Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  18. FSAIF • Don’t Invest Until You Investigate! • Don’t Invest Right Away: Slow Down and Take Your Time • Don’t Invest More Than You Can Afford to Lose • Don’t Believe In “Guaranteed” or “High Return, Low Risk” • Don’t Invest Until You Complete the FSAIF 4 C’s Model 1. Call FSAIF First! 2. Consider all your options. 3. Compare the product to others. 4. Consult with someone you trust. Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  19. Investment Fraud Common types of Investment Fraud: • Unlicensed Individuals Selling Securities • Unregistered Investment Products • High-Yield Investments • Affinity Fraud Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  20. FSAIF - Handouts • Be Safe – Call FSAIF First! • “Check Before You Invest” • Self – Commitment Form • When Your Broker Calls, Take Notes • 10 Tips To Protect Your Nest Egg • Top 10 Scams Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

  21. FSAIF Questions? Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General

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