"Auction' e-mails don't rate with Finra

The Financial Industry Regulatory Authority Inc. is warning investors to be on the lookout for scam e-mails that promise refunds of $1.5 million to auction rate security investors.
OCT 18, 2009
The Financial Industry Regulatory Authority Inc. is warning investors to be on the lookout for scam e-mails that promise refunds of $1.5 million to auction rate security investors. In an alert issued this month, Finra said that the e-mails appear to be coming from the regulator itself. “The e-mail requests personal information from investors, and could be used for identity theft or another scam,” said Gerri Walsh, vice president of investor education. The message appears somewhat legitimate because it doesn't ask for account data or Social Security numbers, she said. Scams often engage investors first and then set them up for a fraud by obtaining more information or soliciting money, Ms. Walsh said. Investors and advisers who see a phony e-mail should forward it to Finra's whistleblower office at [email protected].

Latest News

Fed's Bowman pushes for lighter-touch AI oversight at smaller firms
Fed's Bowman pushes for lighter-touch AI oversight at smaller firms

Supervision vice chair speaks following recent launch of AI adoption practices by regulators.

Why fixed income still belongs in your clients' portfolios
Why fixed income still belongs in your clients' portfolios

In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.

Voya expands advisor managed accounts to add private market assets
Voya expands advisor managed accounts to add private market assets

Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.

With executives leaving, Osaic’s Reid now in the spotlight
With executives leaving, Osaic’s Reid now in the spotlight

Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.

Investors sue crypto fund and platform, alleging $1.5 million never returned
Investors sue crypto fund and platform, alleging $1.5 million never returned

Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.