It’s not uncommon that some sales agents have only one motive in mind when it comes to the elderly… you guessed it, their money! It may seem because seniors are more trusting, have a nest egg, substantial savings and assets, which makes them prime targets to unscrupulous business practices and investment schemes.
With the intention of defrauding elderly investors to the tune of $11 MILLION, three criminals have been sentenced to state prison terms ranging from three to 30 years (more in this article).
The California Department of Business Oversight (DBO) has a mission to protect Californians from investment and financial fraud. Before you engage in business with an individual or company, it’s wise to ‘check before you invest’. Contact the DBO toll free at 866-275-2677 to verify licensing and to learn more about financial fraud prevention. You can also request a copy of their Protect Yourself from Fraud booklet at https://dbo.ca.gov/outreach/#brochures.
Read more about the $11 million investment scheme these links: