Posted Thursday, August 27, 2020 at 9:36 p. m.
Cover »Government/Policy» Policy2 »Regulators characterize the low incidence of COVID-related investment scams to think
Join over 100,000 AFP fans on Facebook
Buy an AFP subscription Subscribe to AFP podcasts on iTunes
News, press releases, letters to the editor: augustafreepress2@gmail. com
Advertising requests: freepress@ntelos. net
(© Andy Dean – stock. adobe. com)
Hundreds of COVID-related investment scams have had an effect on others across the country. Fortunately, Virginia has experienced nothing in this area.
“I think this is a testament to the proactive technique adopted,” said Danny Taylor, head of implementation of the Retail and Securities Franchise Division of the State Corporations Commission.
Other state and provincial regulators of the Association of Securities Managers of North America say they have taken action against more than two hundred alleged investment scams.
CSC has recently had an open investigation into COVID-related investments in the Commonwealth.
Taylor pointed to CSC’s accession to NASAA’s COVID-19 Compliance Working Group, which he joined in May, as an example of preventive measures taken to help Virginia investors from COVID-related investment scams.
The working group is composed of securities regulators from the United States, Canada and Mexico, who exchange and act in the same direction.
“There is great strength to unify our efforts to combat multijurisdicional fraud and we are proud to be a component of it,” Taylor said.
Taylor, under pressure, wants to remain alert to COVID-19 scams and warned potential investors about the following:
“People are trapped in the ‘fear of getting lost’ from a successful investment experience. Scammers feed on this emotion, so it’s vital to strengthen investors’ desire to do their studies and distrust promotions that seem too smart to be true,” Taylor said.
Encourage investors to report any suspected COVID-19 fraud or investment opportunities by contacting SRF at 804-371-9051, free of charge at 1-800-552-7945 or online at www. scc. virginia. gov.
For more information, investors can also visit NASAA’s online page at www. nasaa. org.
Enter your email to subscribe to this blog and get notifications of new articles by email.
Join 104961 subscribers
© Augusta Free Press LLC Privacy