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FSAIF – Florida Seniors Against Investment Fraud

Provided by:

Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General2

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 General3

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 General4

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.

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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 

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Investment Fraud

Three Goals of FSAIF Program

1. Spot Investment Fraud

2. Avoid Investment Fraud

3. Stop Investment Fraud

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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)

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Spot Investment Fraud

Victim Profiles: Who are the most vulnerable? Seniors Women Widowed Persons Those living alone Those who have been defrauded before

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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

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Avoid Investment Fraud

Be Safe – Call FSAIF First! 1-800-848-3792

FSAIF Four C’s Model

1. Call FSAIF First.2. Consider all your options.3. Compare the product to others.4. Consult with someone you trust.

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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.

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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.

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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.

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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.

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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

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Community Resources

Resource Guide handout has contact information on:

State Federal Self-Regulatory Non-Profit Organizations Web-Sites Contact FSAIF – 1-800-848-3792

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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

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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.

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Investment Fraud

Common types of Investment Fraud:

Unlicensed Individuals Selling Securities Unregistered Investment Products High-Yield Investments Affinity Fraud

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FSAIF - Handouts

1. Be Safe – Call FSAIF First!2. “Check Before You Invest”3. Self – Commitment Form4. When Your Broker Calls, Take Notes5. 10 Tips To Protect Your Nest Egg6. Top 10 Scams

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FSAIF

Questions?