Baby Boomers Targeted in Investment Scams
How to protect your money
- Duration 4:29
- Date Dec 25, 2011
How to protect your money
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-- -- -- what else could happen this time near you wanna protection money from rip off artists on Christmas morning and every morning at this time -- there's a surgeon investment scams targeting baby boomers.
Prosecutors say the fraudulent schemes exploit investors trying to make up for the financial losses that they might have suffered in this weak economy.
What -- should -- be aware of get the perfect guy to help you out with that Jordan Goodman is a financial advisor and author of fast profits in hard times.
Jordan welcome these army very hard time they are and we don't want people to be ripped off what is the first Wallace is so vulnerable time out of my right.
Several reasons first of popular earning nothing other savings to zero run treasury -- savings bonds so they're looking they're open to alternatives to get to 10% -- losing.
So that's there's about ten trillion dollars and those accounts so that makes people very vulnerable.
And then if they haven't had a great time there and stock market of -- retirement fund they're looking for something to get higher returns that sounds can be safe.
What are the most common scams that we should watch out for and had any contact you.
-- by phone by big email by the -- of spam on the Internet this accident and that's very good -- for -- -- -- -- to do with everybody in person.
Are here are some of the ones that you hear about Ponzi schemes we hear about all the time now of course with Bernie Madoff and Allen Stanford basically the person who becomes an early.
Puts the money and they get decent returns and then the money is -- -- people who's going to pay off their early ones those bouts with impairment that collapse map topping all over the place.
That's the first form of the -- one will be so called promissory notes this is where they promise to pay you some kind of a high yield 1012%.
The others don't pay basically I promise that don't keep their payment from what -- -- -- I know if they ask you pay any money up front in order to get in right not just investment money but fees fees for example maybe you should be -- -- -- absolutely be whereabouts.
Another -- in general be called affinity fraud.
Where they take advantage of the affinity you have -- at your church could be of alumni group from your college.
Could be -- ethnic community in the Korean Americans or American Mexican American government B it's like Lawton or you're not gonna cheat somebody in the our group.
And that's exactly what they do that take advantage of people because their guard is down.
Another really -- -- -- probably -- -- you have Flint and in this should be independent documents like an SEC document filing of something.
If it's like just trust me drumming at the direction.
I love -- these are two that I found in my research -- batted it says if they offer to -- inside information threat that's a problem.
And if they send materials I love the -- have type phones have -- who are it's not printed on letterhead.
It's certainly is not to be legitimate if it's legitimate to have SEC documents -- be typed well you can look at -- online and don't be rushed into it another thing it's camps is arduous.
Get it now.
Because it's gonna be gone tomorrow if it's not good today it'll be around tomorrow and don't be rushed -- to these kind of things can anybody guarantee your return.
Well I'm in the FDIC returns you know guarantee that if your bank goes under.
But as far as hamsters no I mean they're not like this promissory notes they're promising 1012% that's what brought people and Bernie Madoff.
Right -- at fifty.
Billion dollars because he was promising.
Nine or 10% a year no matter what the -- one person was -- the other person I got an I got there what master limited partnership and -- and -- partnerships is not a scam with a legitimate organization our parent company the stock you can buy.
On the stock exchange.
And basically what they do is they own infrastructure for oil and gas pipelines storage facilities.
Very consistent business -- yields of like five to 7%.
In many cases they raise their dividends and the completely liquid combined some of the -- so for.
That's a legitimate -- of something.
Not these scams we're talking about OK but read all the material probably for -- SEC they would have all the SEC documents correct and -- giving examples one called Enterprise Products Partners GPD.
This raises dividend roughly 5% for each of the last thirty quarters to actually raising dinners that sent spinning up cash that means it's for real.
Right very good Jordan Goodman the author of fast profits in hard times.
Maybe we don't always have to get fast profits at this point any profits -- it's kind of I was -- and be careful folks out there.
How -- all -- -- -- right now.
For more on how you -- and get these take charge it issues -- answers on a number of consumer.
Elements that you might be thinking about go to foxnews.com.
And click on the America's News HQ page right there you'll see a link.
To many -- take charge consumer protection segments and Jordan thinks --