All of us would love to find a great investment that will guarantee financial security with minimal work and no risk. Unfortunately, many people have lost their life savings and their homes by falling prey to investment fraudsters who make promises such as these.
As part of Crime Prevention Week 2007, the BC Crime Prevention Association and BC Securities Commission would like to remind potential investors to say NO to get-rich-quick schemes by checking them out very carefully.
According to Valerie MacLean, BCCPA executive director, ?There is no such thing as a no-risk investment. Don?t be pressured into parting with your hard-earned money before you have carefully checked out the investment itself and the person selling it. The consequences of fraud are devastating to the investor, their families and communities.?
The BC Securities Commission urges investors to say NO to high-pressure sales pitches and offers the following tips.
·Know your investment goals, your risk tolerance and the limits of your investment knowledge.
·Know your investment: type, expected return, risk and liquidity. Make sure it fits with your investment goals. Ask what public information is, and will be, available and find out whether the management is reputable and competent.
·Know your advisor. Check with the BC Securities Commission to find out whether qualifications, reputation and references are true.
·Be suspicious when asked to make payments to individuals or their private company.
·Get everything in writing; you will need a paper trail if anything goes wrong.
·Con artists prey on religious organizations and other groups to build a common bond or affinity with its members so they can gain their trust and then take their money. If you suspect a fraud, call the BCSC.
For more information on investor red flags and smart investing visit: www.investright.org
The BC Crime Prevention Association is an integrated team of citizens and police, dedicated to preventing crime. We provide ongoing province-wide education and awareness through our community partnerships.
Crime Prevention Week
Since 1983, Crime Prevention Week has been an annual event that runs nationally during the first week in November. It provides an opportunity to bring members of the community together to participate in events that promote and support community safety.
This year?s theme – ?Crime prevention is everyone?s responsibility? – is a reminder to everyone that they play a key role in preventing crime and in keeping our communities safe throughout the year.
This article is sponsored by the Tumbler Ridge Chamber of Commerce,
Located in the Community Centre