FINRA Investor NewsJune 2, 2008 |
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Investor Alert
Beware of Online Job Classifieds Used to Steal Your Identity
In another variation of the identity theft tale, stock traders posing as employees of a made-up Latvian brokerage firm appear to have stolen personal information from individuals who thought they were applying for a job through the popular classifieds Web site, Craigslist (www.craigslist.org). According to a complaint filed by the Securities and Exchange Commission, these traders allegedly used the job applicants' Social Security numbers, dates of birth and other information to open up online brokerage accounts. In addition, the traders allegedly used stolen user IDs and passwords to gain unauthorized Internet access into existing brokerage accounts of unsuspecting victims. Using the new and existing brokerage accounts, the traders used sophisticated strategies to trade and manipulate the prices of a number of thinly traded stocks—at a handsome profit. FINRA urges investors, when conducting any activity on the Internet, always to be on guard and to check out anyone who is asking for your personal information before you give it out. |
Investor Alert
Well-Traveled Fraud—Advance-Fee Scams Target Non-U.S. Investors by Impersonating U.S. Regulators and Using Fake Regulator Web Sites and False Broker Identities
Scammers are using fraud—including setting up phony "regulator" Web sites and fake identities—to separate non-U.S. investors from their money. No regulator is immune. In fact, in a recent twist, some scammers have misused FINRA's name and impersonated FINRA employees in email correspondence in an apparent attempt to lend legitimacy to their schemes. The scam generally begins with a phone call offering to pay you an enticingly high price to buy shares of stock you own that are virtually worthless (sometimes referred to as "non-performing"). To build legitimacy, the caller refers you to a phony Web site that contains investor protection information, or poses as a legitimate securities professional or regulator. To take the "deal," you are asked to send a fee in advance to pay for their services. Once your money is sent, you never see it—or any of the money from the deal—again. This Alert describes real-life tactics of recent advance-fee scams and offers tips on how to avoid becoming a victim, such as using FINRA's BrokerCheck to check out the caller, as well as where to turn for legitimate help and advice. |
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