Be wary: Scams seek to profit from attack

  • Mike Benbow / Herald Writer
  • Tuesday, September 18, 2001 9:00pm
  • Business

By Mike Benbow

Herald Writer

OLYMPIA — State securities director Deborah Bortner is warning investors to be wary of financial scams arising from last week’s terrorist attacks.

"There are always people who will try to take advantage of the investing public, particularly in the aftermath of tragedies or major financial or social changes," Bortner said. "Investors should never make hasty decisions about their investments or finances, and that’s especially true in times of confusion, fear and uncertainty."

Bortner said people should be alert to "scams of opportunity" that prey on fear.

"Telephone salespeople, advertisements, junk e-mails or Internet Web sites that pitch commodities, exotic financial products or supposed anti-terrorist technologies should be a red flag for investors," Bortner said.

Investors should be especially skeptical of offers to send their money to offshore "safe havens," added Bortner, who is also president of the North American Securities Administrators Association, which represents securities regulators in the 50 states, the District of Columbia, Canada, Mexico and Puerto Rico.

Con artists exploited fears associated with the year 2000 computer bug to tout a variety of investments, and they’ll likely do the same thing now, Bortner said.

Her advice:

  • Hang up on aggressive cold callers promoting "safe" investments.

  • Request a prospectus or offering circular on potential investments.

  • Use common sense. Pie-in-the sky investment ideas often signal fraud.

  • Check to see if the offer is registered or has a disciplinary history in Washington state by calling 800-372-8303.
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