A column by James Kruzan
How to avoid being an
investment scam victim
November 24, 2010 - It has become common to see headlines in local newspapers about investors being the subject of investment scams.
These crimes are not isolated to the senior citizen population or to a specific geographical location.
Victims are being reported all across the country and across gender lines.
The question becomes "How do you protect yourself from becoming the next victim?"
Listed below are some suggested tips that can be used.
1. Never spend money on investments solely on the basis of a phone call.
2. Don't be rushed by "buy now" investments. Legitimate investments will always be available.
3. No one can guarantee a risk-free investment.
4. Never give personal information over the phone, especially social security number, credit card or bank account information.
5. If you don't understand it, don't buy it.
6. Always remember, if it sounds too good to be true, it probably is.
7. Do not invest due to fears (e. g., health care, inflation, or interest rates). Fear clouds judgment.
8. Request written information and run it by your financial advisor.
James B. Kruzan, CFP, is a Registered Principal and Branch Manager for Raymond James Financial Services, Inc., Fenton and Clarkston.