How to Avoid Being a Victim to Fraud

csimt In The News

By: Jessica Watts

In 2016 the Commissioner of Securities and Insurance received information about an individual in Townsend who lost a sizable about of money to an investment firm. The CSI reached out to the investor and confirmed they had invested over 300,000 dollars and all the money was gone because of excessive trading on the account. Lynne Egan the Deputy Securities Commissioner says this type of fraud tends to happen more in a strong financial market. 

“People get overly confident when the market is strong, and they aren’t necessarily looking at their broker dealers’ statements and they are not opening their mail because the markets going up and they assume they’re making money. We have seen a lot of these kinds of cases of excessive trading,” said Egan. 

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