Internet- and social media-based frauds are the top threats to investors this year, according to enforcement officials surveyed by the North American Securities Administrators Association.
The group, which polled its state and provincial securities regulator members, said that in particular, investors should be on the lookout for investment schemes involving precious metals, cryptocurrencies, promissory notes and foreign exchange markets.
The survey found that self-directed individual retirement accounts, which lack the services and protection of traditional IRAs, can be fertile soil for scammers, especially those involving cryptocurrency-related and precious metals-based investments.
Enforcement officials said they expect to see a resurgence of high-yield foreign exchange and cryptocurrency-related schemes targeting investors this year that are disguised as membership or investment programs.
According to the NASAA survey, 82% of state and provincial securities regulators in the U.S., Canada and Mexico anticipate that bad actors will continue to attempt to leverage investor fear and anxiety related to changes in financial markets and the economy due to COVID-19 to illegally sell securities this year.
Following Wall Street Journal reporting from unnamed sources, the Chicago-based financial giant stressed its commitment to "delivering long-term value to our stakeholders."
The advisor, Andrew Nash of El Capitan Advisors, used the funds to buy a house, according to the SEC.
The digital investment platform's announcement of a confidential submission to the SEC comes amid a broader trend of consumer fintech firms going to market.
The Canadian startup's latest funding round, raising $60 million from the banks and other investors, is set to fuel its continued expansion into the US.
Carson's latest addition in Salt Lake City continues its strategy of buying out successful and growing Carson Wealth locations.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
