The Secretary of State is reminding investors to beware of con artists looking to profit from the COVID-19 Pandemic.
Illinois Secretary of State Jesse White announced to the public this morning, his concerns of con artists seeking to capitalize on the current fear and uncertainty related to the COVID-19 pandemic and it’s impact on financial markets.
White says that “Scammers may claim that their investment opportunities involve companies that have solutions or cures for COVID-19 and are guaranteed to turn a profit.”
He warns that investors should be skeptical of no-risk guarantees and promises of profitable alternatives to the stock market, citing that scammers and con artists have a well known history of using current events to set up schemes that seem legitimate and promising.
White says investors should always check to make sure that the salesperson or investment adviser they are dealing with is registered as required by federal law.
The Office of The Secretary of State has a website available to find out if a salesperson or investment adviser is properly registered, or to file a complaint if you believe you have been the victim of an investment fraud. To access the site, log on to www.avoidthescam.net
White says that if you are dealing with a salesperson who is promoting a sense of urgency, or a limited availability surrounding an investment, that should be a red flag and don’t be afraid to walk away.
White says to remember, if an offer sounds too good to be true, it probably is.