FINRA Investor News
June 10, 2010 |
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Oil Spill Stock Scams: Don’t Get Cleaned Out by False Cleanup Claims
The oil spill in the Gulf of Mexico poses more than an environmental and economic threat to the region. It also poses a financial threat to investors in the form of scams promising financial gains from investments in companies that claim to be involved in cleanup operations.
FINRA and the Securities and Exchange Commission have issued an Investor Alert to warn about potential scams that exploit the Gulf oil spill and related cleanup efforts. While some of the companies touting their role in the cleanup may be legitimate, others could be bogus operations that are only looking to clean out unsuspecting investors.
The alert outlines ways to spot a potential oil spill scam, steps you can take to avoid potential frauds and instructs investors on how to report suspicious offers. Read the Alert. |
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Smart Tip: Time for a Mid-Year Portfolio Checkup
If it's been a while since you last looked at your investment accounts, make sure the securities in your account still meet your investment objectives. Also, make sure you understand and are comfortable with the risks, costs, and liquidity of your investments. As part of this review, you may want to check the information that is on file at your brokerage firm regarding your accounts, such as new account agreements, margin account agreements, option account agreements, discretionary account agreements, and any correspondence to you. You have a right to know what is on file about you, and the firm's records must accurately reflect important information about you such as your age, income, net worth, financial status, long-term goals, and investment objectives. See 10 Tips to Keep Track of Your Investments for more ideas. |
Podcast
Employer plans are the number one way most Americans save for retirement, but what you don’t know about putting money in or taking it out can cost you.
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Learning to Invest, Part 11—Individual Retirement Accounts
Listen Now/Download | 10 min. 10 sec.
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