Financial Scams and Asset Protection: Don’t Let A Ponzi Scheme Scam You Out Of Your Retirement Funds

financial scams and asset protection - avoid scams with estate management

Retirees are frequently the target of financial scams and scam artists who don’t regard others.

Why do we talk about financial scams and asset protection? Local radio and TV personalities might promote Ponzi schemes and other financial scams. Additionally, they can even be promoted through your church. Even senior recreation centers and country clubs sometimes do it. And they can rob you of your retirement.

If you have a solid retirement plan, along with an estate plan and asset protection plan in place you would not necessarily fall for the “too good to be true” promises of the typical Ponzi scheme.

Don’t play Russian Roulette with your money. Even if your friends are doing it or if the person promoting a financial scam is popular, avoid it! AARP has posted a story about a 72-year-old man who was scammed out of $51,000 in a Ponzi scheme promoted by his favorite local talk show host.

AARP has published some helpful tips to remember to help you avoid financial scams, which I am reposting here. Please, put your money where it will work for you. Also, if you need help with a retirement plan and estate or asset protection or planning, please call our offices today.

Do Your Homework

Only 20% of investors ever do a background check on brokers or products before buying. Consequently, you should change this! Some good starting places are the SEC’s investor.gov (800-732-0330) and the Financial Industry Regulatory Authority’s brokercheck.finra.org (800-289-9999).

Look At The Investor Or Firm

Check out the SEC’s EDGAR database for free corporate information. Likewise, you can check the fee-based pacer.gov to search federal lawsuits and bankruptcies, or your local courthouse for scams by area predators.

Run From Red Flags

Language like ‘risk-free,” guaranteed returns” and “everyone is doing it” should scare you off.

Be Careful Even In “Safe” Places

Churches, country clubs and community organizations are happy hunting grounds for those pitching Ponzi schemes. Thus, rely on research over referrals from friends and relatives.

Don’t Be Fooled By Credentials

Those letters after the names of brokers and investment counselors can be meaningless. Some are outright fakes, and some are gained by paying a fee or taking a short class.

Don’t Be Star-Struck

Celebrity endorsements don’t mean an investment is legitimate. If you have questions or need to file a complaint, call the SEC at 800-732-0330. Or reach out to FINRA toll-free at 844-57-HELPS, or the North American Securities Administrators Association at 202-737-0900. If scammed, alert your local police, district attorney and state attorney general.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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