Post by TonyV on Apr 29, 2018 15:00:58 GMT -5
There is a new post published on the UAWLAP.org Site.
Details of the post follow.
Scam Alert: Do Some Digging before Investing in Gold
COMMONWEALTH OF KENTUCKY
OFFICE OF THE ATTORNEY GENERAL
Scam Alert: Do Some Digging before Investing in Gold
Two Kentuckians lost nearly $900,000 this year to scammers selling access to
gold markets
FRANKFORT, KY. (April 26, 2018) – Attorney General Andy Beshear issued a new
scam alert today, after two Kentuckians reported losing nearly $900,000 this
year to scammers promising access to gold markets and millions in investment
returns.
A Fayette County resident recently lost $420,000 to a con artist on Facebook who
said “investing” in a foreign gold market would quickly generate millions of
dollars. An Inez resident also “invested” $475,000 with a con artist who
guaranteed gold.
Gold scammers typically attract victims with deceptive sales scripts, stating
that the precious metal markets can double and triple in just 30-days and are
less risky than traditional IRAs, 401(k)s. The scam typically ends with the
victim sending money to a scammer to purchase gold they never receive.
The two reported victims in Kentucky were senior citizens who handed over their
lifesavings to a sham gold investor, said Beshear.
“Gold scammers are turning Kentuckians’ fear of losing their nest egg into a
reality,” said Beshear. “My office is working to stop these appalling con
artists, help victims recover and prevent other families avoid the catastrophic
outcomes of losing their life savings.”
Beshear said there are legitimate investments in gold, which can diversify an
investment portfolio and help to protect against inflation and economic
uncertainty, but before rushing to invest in gold Kentuckians must be wary of
fraud schemes.
The Federal Trade Commission offers guidance to follow before purchasing gold.
Know the price of gold is not guaranteed. Overtime the price can both increase
and decrease in value.
Compare prices before making a purchase. Banks, brokerage firms, coin dealers
and precious metal dealers often charge more than the value of the gold.
Consult with a reputable dealer, financial adviser and independent appraiser
who has specialized knowledge before making an investment.
Refuse any sales pitch that requires you to act quickly and never send money
using untraceable methods of payment.
Research the seller online and contact the Attorney General’s Office of
Consumer Protection hotline at 888-432-9257 for assistance in determining a
scam. Kentuckians can also file a consumer complaint with Beshear’s office
online.
Beshear said con artists are turning more and more to social media to scam
senior citizens, and children, grandchildren and caregivers of seniors should
take active steps to safeguard their loved ones on online.
One of Beshear’s top priorities is to protect Kentucky consumers, especially
seniors from scams, abuse and exploitation.
To help Kentuckians stay ahead of new and trending scams, Beshear launched Scam
Alerts – a communication service that alerts Kentuckians when con artists are
on the attack. Beshear urges all Kentuckians to sign-up for Scam Alerts by
texting the words KYOAG Scam to GOV311 (468311) or enroll online at
ag.ky.gov/scams.
Link to the post:
uawlap.org/uaw/cap-uaw/scam-alert-do-some-digging-before-investing-in-gold.php
Link to UAWLAP.org: uawlap.org
Details of the post follow.
Scam Alert: Do Some Digging before Investing in Gold
COMMONWEALTH OF KENTUCKY
OFFICE OF THE ATTORNEY GENERAL
Scam Alert: Do Some Digging before Investing in Gold
Two Kentuckians lost nearly $900,000 this year to scammers selling access to
gold markets
FRANKFORT, KY. (April 26, 2018) – Attorney General Andy Beshear issued a new
scam alert today, after two Kentuckians reported losing nearly $900,000 this
year to scammers promising access to gold markets and millions in investment
returns.
A Fayette County resident recently lost $420,000 to a con artist on Facebook who
said “investing” in a foreign gold market would quickly generate millions of
dollars. An Inez resident also “invested” $475,000 with a con artist who
guaranteed gold.
Gold scammers typically attract victims with deceptive sales scripts, stating
that the precious metal markets can double and triple in just 30-days and are
less risky than traditional IRAs, 401(k)s. The scam typically ends with the
victim sending money to a scammer to purchase gold they never receive.
The two reported victims in Kentucky were senior citizens who handed over their
lifesavings to a sham gold investor, said Beshear.
“Gold scammers are turning Kentuckians’ fear of losing their nest egg into a
reality,” said Beshear. “My office is working to stop these appalling con
artists, help victims recover and prevent other families avoid the catastrophic
outcomes of losing their life savings.”
Beshear said there are legitimate investments in gold, which can diversify an
investment portfolio and help to protect against inflation and economic
uncertainty, but before rushing to invest in gold Kentuckians must be wary of
fraud schemes.
The Federal Trade Commission offers guidance to follow before purchasing gold.
Know the price of gold is not guaranteed. Overtime the price can both increase
and decrease in value.
Compare prices before making a purchase. Banks, brokerage firms, coin dealers
and precious metal dealers often charge more than the value of the gold.
Consult with a reputable dealer, financial adviser and independent appraiser
who has specialized knowledge before making an investment.
Refuse any sales pitch that requires you to act quickly and never send money
using untraceable methods of payment.
Research the seller online and contact the Attorney General’s Office of
Consumer Protection hotline at 888-432-9257 for assistance in determining a
scam. Kentuckians can also file a consumer complaint with Beshear’s office
online.
Beshear said con artists are turning more and more to social media to scam
senior citizens, and children, grandchildren and caregivers of seniors should
take active steps to safeguard their loved ones on online.
One of Beshear’s top priorities is to protect Kentucky consumers, especially
seniors from scams, abuse and exploitation.
To help Kentuckians stay ahead of new and trending scams, Beshear launched Scam
Alerts – a communication service that alerts Kentuckians when con artists are
on the attack. Beshear urges all Kentuckians to sign-up for Scam Alerts by
texting the words KYOAG Scam to GOV311 (468311) or enroll online at
ag.ky.gov/scams.
Link to the post:
uawlap.org/uaw/cap-uaw/scam-alert-do-some-digging-before-investing-in-gold.php
Link to UAWLAP.org: uawlap.org