Investors lose millions every year to risky investments and fraudulent scams, and the problem is getting worse as more people manage their own retirement savings. BBB has partnered with the FINRA Investor Education Foundation, part of the Financial Industry Regulatory Authority, to help combat investment fraud and through the BBB Smart Investing program. … Continue Reading
Jasmine Jamrus-Kassim, a former independent insurance agent who sold annuities for Bankers Life and Casualty Co was sentenced to more than six years in prison for stealing more than $1 million from her elderly clients. Jamrus-Kassim was arrested in March 2011 after an investigation by Washington Insurance Commissioner Mike Kreidler’s special investigations unit found that she had taken $1.05 million from five clients. … Continue Reading
Minor Vargas Calvo, 60, who was president of Provident Capital Indemnity Ltd. was convicted by a federal jury in Virginia. Calvo, a former Costa Rican insurance executive was convicted of all counts in a $485 million fraud scheme in which he was accused of lying to clients and investors about the financial stability of his company.
Calvo and Provident sold bonds guaranteeing funding for … Continue Reading
In response to National Fraud Awareness Week it’s important to bring attention to the biggest and worst investment fraud of all: the Ponzi Scheme.
Wikipedia defines a Ponzi scheme as fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation.
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Before you invest your earnings, it is important to check for scams and verify credibility of the investment firm. Asking questions, research the company, reach out to local investment firms and advisers, talk to other investors. It’s essential to take precaution with all investment opportunities.
Studies show that investment scams are on the rise over the past decade. Baby boomers in particularly are more vulnerable to such schemes, as many are now managing their own retirement account. … Continue Reading
When getting on a flight that’s three to five hours (or more), many business professionals wrestle in their heads whether to spend the $12.95 on airplane WiFi, take a nap or watch the movie—or, if their company is paying for it, they might do all three. But here’s the thing: If you are connecting to WiFi on a plane and have all these company secrets on your device and all this client data, do you really think it’s a good idea to connect? … Continue Reading
The BBB is dedicated to fostering honest and responsive relationships between businesses and consumers in the U.S. and Canada, instilling consumer confidence and contributing to a trustworthy marketplace for all. … Continue Reading
Last weekend, the daily deals service LivingSocial announced that its database had been hacked, granting the cyber intruder access to the e-mail addresses, encrypted passwords and birth dates of more than 50 million users worldwide.
This is only the latest of many recent hacks. With customer data breaches becoming increasingly common, what should you do to protect yourself? … Continue Reading
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by Robin Slade
The May 7th Federal Trade Commission (FTC) Senior Identity Theft: A Problem in This Day and Age panelists related that seniors are often preferred targets, especially for medical identity theft. Fraudsters, who may include unscrupulous relatives and/or caregivers, … Continue Reading
