Don't fall for phony hurricane investment scams
SPRINGFIELD, Ill. - Illinois Secretary of State Jesse White has a word of warning for investors: Recent hurricanes in Texas and Florida will likely produce investment scams.
The secretary of state's office includes the Illinois Securities Department, which regulates investment advisers and securities brokers.
White urges caution about promises of quick and high returns on investments. Cons might include claims of government contracts to clean up or rebuild.
Messages come via unsolicited email, social media or aggressive telemarketers.
The securities department recommends deleting unsolicited emails or electronic messages and hanging up on aggressive cold-callers promoting investments. They often tout unproven technologies or products.
Officials say there's no risk-free or guaranteed investment. And potential investors should check with White's office about whether the seller and investment are legally licensed.