FINRA Investor News

November 7, 2006
 

Investor Alert

 

"I hope this is your email" Scam Offers No Hope of Profits


You get an email at home or work from Tanya, or Weldon, or maybe Kristy. You open it and read some poorly-worded prose like the following (from a spam email received by NASD):


"Hi I hope this is your email. I was pleased to meet you the other day. I expect you was excited about New York. So much so much happening all the time, lot of great opportunities. And speaking of opportunities, the deal I was speaking about yesterday involves a company known as…"


No, you don't have amnesia. You've never met the person who sent you the email. It's from somebody who in all likelihood is being paid to send this message to thousands of email addresses. The hope is that you and others will fall for the scam and buy shares of the recommended stock.

Read More

 

 

News Dispatch

 

NASD Fines Chase Investment Services, MetLife Securities $500,000 Each for Supervisory Violations in 529 College Savings Plan Sales


NASD announced today that it has fined Chase Investment Services Corporation of Chicago and MetLife Securities, Inc. of New York $500,000 each for failing to establish systems and procedures to supervise the sales of 529 College Savings Plans. NASD also ordered the firms to compensate customers disadvantaged by those supervisory failures. Chase will pay approximately $288,500 into about 300 customer accounts, while MetLife will pay approximately $376,000 into a similar number of accounts.


Read the News Release

Read the Investor Alert, College Savings Plans—School Yourself Before You Invest

 

 

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Protect Yourself Online

 

Keep Your Online Accounts Safe and Secure


These hints will help keep your information safe and secure:

 

  • Avoid using any computer that is not your own to access your brokerage or other online account
  • Keep your computer up to date with the latest security updates
  • Never share your password information with others
  • Create passwords that are unpredictable and counterintuitive, and don't use the same password for different accounts
  • Change passwords regularly
  • Beware of over-the-shoulder snoops when using public computers

 

For more information and tips read NASD's Investor Alert, Protect Your Online Brokerage Account: Safety Should Come First When Logging In and Out


Take Charge of Your Identity


Identity theft is much more than an inconvenience—it can devastate your credit rating and derail financial security. Take these steps immediately if you are a victim of identity theft:

 

  • Place a fraud alert on your credit reports, and review your credit reports
  • Close the accounts that you know, or believe, have been tampered with or opened fraudulently
  • File a report with your local police or the police in the community where the identity theft took place
  • File a complaint with the Federal Trade Commission

 

Read more

 

 

Investor Education

 

New Research Sheds Light on Senior Financial Fraud—Are You Vulnerable?


The NASD Investor Education Foundation, in cooperation with WISE Senior Services and AARP Foundation, recently released a study that looks at why certain elderly investors are more susceptible to investment fraud than others. The study exposes the various tactics used by criminals to exploit seniors and offers strategies to help seniors avoid becoming victims. Some of the key research findings include:

 

  • Investment fraud victims are more financially literate than non-victims
  • They are more likely to listen to sales pitches
  • They are more likely to rely on their own experience and knowledge when making investment decisions
  • Fraud victims experience more difficulties from negative life events than non-victims
  • Victims are more optimistic about the future

 

Read the Report: Off the Hook Again: Understanding Why the Elderly Are Victimized by Economic Fraud Crimes


Hear Real Life Sales Pitches

 

 

Past Issues of Investor News Available

In response to numerous requests, previous issues of Investor News are now available on our Web site.