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FSAIF – Florida Seniors Against Investment Fraud
Provided by:
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General2
Introduction
FSAIF- Florida Senior Against Investment Fraud
Investor Education Outreach Program
Florida SAIF
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General3
Sponsors
Seniors vs. Crime, - a special project of the Florida Attorney General whose primary goal is to assist seniors against crime and fraud.
Preventing crime against the elderly. Educating seniors about consumer fraud. Assist senior victims through volunteer
mediation services or referral to other agencies. Promote senior involvement with law
enforcement for the protection, well being, and peace of mind of seniors.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General4
Sponsors
Florida Office of Financial Regulation- state agency who is
responsible for: Supervising state-chartered banks, credit unions, savings
associations, and international bank agencies. Licensing and regulating non-depository finance companies. Licensing and regulating the securities industry. Defending the public from investment and securities fraud. Protecting Florida's citizens against entities that violate
financial state laws and rules.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General5
Sponsors
The Investor Protection Trust
The FSAIF project is funded in part by a grant from the Investor Protection Trust (IPT). The IPT is a non-profit organization
devoted to investor education. Since 1993 the IPT has worked with the States to provide the independent, objective investor education needed by all Americans to make informed investment decisions.www.investorprotection.org
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General6
Investment Fraud
Three Goals of FSAIF Program
1. Spot Investment Fraud
2. Avoid Investment Fraud
3. Stop Investment Fraud
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General7
Spot Investment Fraud
What is Fraud? Fraud involves deliberate deceit,
misrepresentation or concealing valuable information.
The goal of fraud is to persuade you to part with your money.
Consumer fraud is intentional. Fraud comes in many shapes and forms (i.e.
mail, telephone, internet, person to person)
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General8
Spot Investment Fraud
Victim Profiles: Who are the most vulnerable? Seniors Women Widowed Persons Those living alone Those who have been defrauded before
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General9
Spot Investment Fraud
Victim Profiles: Why are you vulnerable? Accessibility – Usually home during the day. Isolation – Maybe home bound or family does
not live close by. Manners – Not willing to hang up on someone or
not inviting them to your home. Retirement Fund – Disposable income – MONEY
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General10
Avoid Investment Fraud
Be Safe – Call FSAIF First! 1-800-848-3792
FSAIF Four C’s Model
1. Call FSAIF First.2. Consider all your options.3. Compare the product to others.4. Consult with someone you trust.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General11
Call FSAIF First
Confirm the sales person and company are properly authorized. (licensed or exempt)
Check any complaints or actions filed against the sales person or company.
Identify possible “red flags” associated with the solicitation.
Locate other available resources. Get information on current scams.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General12
Consider All Your Options
Do not be pressured into making a quick decision. Take the time to read all the materials- BEFORE
you make a decision. Make sure you understand everything about the
investment. Get all verbal promises in writing. There is no such thing as a “NO RISK” investment.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General13
Compare The Product To Others
Shop around. Show a competitor the offer. Do your own research. Is the product right for you? Don’t believe everything you are told.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General14
Consult With Someone You Trust
Talk to a trusted advisor - family member, attorney, or accountant- BEFORE you sign anything.
Always tell the salesperson that you will study the documents.
Get a second opinion.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General15
Stop Investment Fraud
Prevention Tips: Always check out the financial professional,
company and products, BEFORE you invest. Never make a financial decision on the spot. Always ask questions and take your time. Always report to police if you are suspicious of
someone. Always check your monthly credit card, bank
and investment statements. ALWAYS GET IT IN WRITING
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General16
Community Resources
Resource Guide handout has contact information on:
State Federal Self-Regulatory Non-Profit Organizations Web-Sites Contact FSAIF – 1-800-848-3792
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General17
Dialing for Dollars- DVD
Produced by the United States Postal Inspection:
Telemarketing fraud cost American millions of dollars
every year. And when it comes to phony investment
“opportunities,” older Americans are prime targets
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General18
FSAIF
Don’t Invest Until You Investigate! Don’t Invest Right Away: Slow Down and Take Your Time Don’t Invest More Than You Can Afford to Lose Don’t Believe In “Guaranteed” or “High Return, Low
Risk” Don’t Invest Until You Complete the FSAIF 4 C’s Model
1. Call FSAIF First!2. Consider all your options.3. Compare the product to others.4. Consult with someone you trust.
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General19
Investment Fraud
Common types of Investment Fraud:
Unlicensed Individuals Selling Securities Unregistered Investment Products High-Yield Investments Affinity Fraud
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General20
FSAIF - Handouts
1. Be Safe – Call FSAIF First!2. “Check Before You Invest”3. Self – Commitment Form4. When Your Broker Calls, Take Notes5. 10 Tips To Protect Your Nest Egg6. Top 10 Scams
Provided by Seniors vs. Crime, A Special Project of the Florida Attorney General21
FSAIF
Questions?