Sunday, May 19 2013 5:00 PM EDT2013-05-19 21:00:22 GMT
The Alabama Department of Transportation will conduct its annual rehearsal of the plan that helped safely evacuate the Gulf Coast during Hurricane Ivan in 2004 and Hurricane Dennis in 2005. On Wednesday,More >>
The Alabama Department of Transportation will conduct its annual rehearsal of the plan that helped safely evacuate the Gulf Coast during Hurricane Ivan in 2004 and Hurricane Dennis in 2005. More >>
It's all about the odds, and one lone ticket in Florida has beaten them all by matching each of the numbers drawn for the highest Powerball jackpot in history at an estimated $590.5 million, lottery officials...More >>
Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million - the highest Powerball jackpot in history.More >>
Sunday, May 19 2013 2:00 PM EDT2013-05-19 18:00:09 GMT
Spring cleaning doesn't get much easier than during Trash Amnesty Week, set aside each spring by the City of Auburn. During the week of May 20-24, 2013, the fees normally assessed to Auburn residentsMore >>
Spring cleaning doesn't get much easier than during Trash Amnesty Week, set aside each spring by the City of Auburn.More >>
A senior White House adviser insists President Barack Obama learned the Internal Revenue Service had been targeting tea party groups "when it came out in the news."More >>
A top White House adviser insisted Sunday that President Barack Obama learned the Internal Revenue Service had targeted tea party groups only "when it came out in the news" while Republicans continued to press the...More >>
PHOENIX (CBS5) -
An organization made up of state securities regulators is warning consumers about four new scams that could affect people's personal wealth.
The North American Securities Administrators Association, or NASAA included the new threats in its annual list, which you can find here.
The emerging threats include:
Crowd funding and internet offers
Inappropriate advice from financial advisors
Crowd funding is a way for companies to attract investors over the internet. The strategy was made possible by a law enacted by Congress this year. But consumer advocates and organizations like the NASAA believe it opens the floodgates to con artists by allowing them to contact victims via the internet.
Inappropriate advice from investment advisors are nothing new, as the Bernie Madoff case illustrates. But in 2011, state securities regulators doubled the number of actions they took against investment advisors.
Self-directed IRAs are meant to allow individual investors to directly choose the stocks and finds they want to buy with their own retirement savings. But the NASAA and other consumer advocacy groups have identified several cases where IRA custodians have directed investments into fraudulent and worthless Ponzi schemes.
EB-5 Investment-for-Visa schemes take advantage of something called the "Immigrant Investor Program." It grants visas to foreign citizens who invest a minimum of $500,000 in a new business. It's meant to help create jobs here, but consumer advocates warn that fraudulent promoters may try to make the new businesses seem like safe investments, by incorrectly connecting them to a federal jobs program.
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