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FINRA Investor Alert - Fake Regulator Websites

FINRA has recently issued an alert to investors regarding the proliferation of fake regulator websites which the scam artists are using to establish credibility for their investment scams. Once convinced regarding the authenticity of the offer, investors are asked to forward a “fee” to the scam artist to pay for their efforts. As one would imagine, once the money is gone the investor never hears from the crooks again.

Similarly, investors outside of the United States have reported receiving telephone calls from individuals representing shares in Facebook and other social networking sites. Again, the individuals contacted are asked to send money to secure the special offering and once the money is sent they never hear from the crooks again.

FINRA reminds us that it is always important to check out a representative or advisor to make sure that person is exactly who they represent themselves to be. FINRA has the BrokerCheck website available to see the history of any brokers and firms so investors know exactly who they are dealing with.

The securities arbitration attorneys at Penzien & McBride, PLLC would be happy to assist investors in conducting due diligence regarding their investment professionals and assisting with negotiations inregard to any fees to be charged for their services. Contact us through the website or at (586) 690-4400.

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