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Verbatim: Top 10 investment scams in Indiana

Statement issued Thursday:

INDIANAPOLIS – Indiana Secretary of State Todd Rokita today published a list of this year’s common fraudulent traps investors should avoid when seeking ways to jump start their portfolios or recoup earnings lost during the national recession. An example is the “Off the Books” scheme where a broker may offer its client an investment on the side instead of through his or her company. The complete list of 2010 investor traps is now available at www.IndianaInvestmentWatch.com.

“As we begin to recover from this economic downturn, fraudsters are on the lookout for those wanting to quickly regain their financial position and will put individuals’ nest eggs in so-called guaranteed, high-yield investment options,” Secretary Rokita said. “Through Indiana Investment Watch, Hoosiers can learn about the top investor scams we’re seeing throughout the country and learn ways to protect themselves against these bogus deals.”

Compiled in cooperation with the North American Securities Administrators Association the oldest international investment organization dedicated to protecting investors from deceptive scams, the list contains the most prevalent investor traps seen this year.

Other schemes and traps to beware of are:

  • Green schemes
  • Oil & Gas schemes
  • Gold and precious metals schemes
  • Exchange-traded funds
  • Foreign exchange trading schemes
  • Affinity fraud
  • Undisclosed conflicts of interest
  • Private or specials deals
  • Unsolicited online pitches
For detailed information on each of the top 10 investor traps, visit www.IndianaInvestmentWatch.com.

About Indiana Investment Watch

Indiana Secretary of State Todd Rokita created the Indiana Investment Watch program to increase financial literacy in Hoosiers and to educate them about various types of securities and mortgage loan broker fraud. The program is not funded by taxpayer dollars, but rather by the money collected from settlements in securities fraud cases.

For more information, please visit www.IndianaInvestmentWatch.com. If you feel you have been the victim of investment fraud, please call the Secretary of State’s Securities Division at 1-800-223-8791.

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