Newspapers / The Shore Line (Pine … / Sept. 1, 2016, edition 1 / Page 14
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September Sudoku Puzzle 5 1 7 2 6 3 1 4 5 6 2 8 9 5 3 8 9 2 6 4 7 2 5 See page 11 for solution. DuoCraft Call Now for a FREE Consultation. Morehead City • 1306 Bridges St. • (252)240-1476 New Bern • 118B Market St, • (252)638-6470 Jacksonville • 300 Carmen Ave, Ste 500 • (910)938-3576 Wilmington • 420 Eastwood Rd, • (910)763-8419 AGE-FRIENDLY COMMUNITY For Our Longer Lives By Kathy Werle Avoiding financial scams Do you ever feel there are an endless number of hands thrust at you every day to give, give, give? John Maron, Director of the Investor Education Program with the Securities Division of the North Carolina Department of the Secretary of State, the guest speaker at the July Third Thursday Forum at Four, told the many attendees that he, too, receives those calls. The securities division Mr. Maron directs performs a number of functions, including administering and enforcing the North Carolina Securities Act, screening/registering securities offerings, screening/licensing brokerage firms and representatives, registering investment advisors and their representatives, conducting on-site examinations of brokerage and investment adviser firms, reviewing consumer complaints, and protecting and educating consumers. There are many avenues for legitimate investing, and it was no surprise to learn that those at the highest risk of investment fraud are seniors. We OPALS (older people with active life styles) have access to more cash than younger generations, so we are the primary target of con artists. Mr. Maron discussed various kinds of investment fraud, including affinity, fraud which targets members of a group with similar characteristics such as retirees and churches; Ponzi schemes promising high guaranteed profits (remember the Madoff story); and pyramid schemes. Telemarketing calls and sweepstakes promoters are persistent in trying to part you from your money with bogus promises. The internet has provided con artists a new format in which to target potential victims, leading to a significant rise of online investment schemes. Mr. Maron warned us to never click on a link and to quickly hit “delete” if English is not used correctly and words are misspelled. Individuals, especially off shore, want to steal our identity. Have you ever received an invitation to a free lunch seminar sponsored by a senior estate planning specialist? The company may be legitimate, but ask yourself why a stranger would want to buy you a free lunch. Financial services professionals often have impressive sounding titles or include lots of initials after their names. While some may reflect a persons experience, many are merely marketing tools. Financial exploitation can also come in the form of a home-improvement scam. Seniors generaUy own a home with significant equity and have excellent credit, so they are more vulnerable. Scam artists use high-pressure tactics, make promises they can’t keep, charge inflated prices and deliver substandard work. It is important to ask questions, get second opinions and not be afraid to say no. Americans tend to be very generous with their contributions to those in need. Scammers follow the news and capitalize on natural disasters. Hurricanes, floods, tsunamis and earthquakes around the world bring out the opportunists to prey on the kind hearted. Be aware, con artists frequently use names similar to those of legitimate organizations. It’s okay to just say no. ^ Mr. Maron left us with two messages. For all investments, we must do our due diligence before reaching for our check books. Red flags to watch for are promises of a high return in a short period of time, pressure to make an immediate decision and appeal to fears. And if you ever wonder about the legitimacy of any investment or entity offering a deal that seems too good to be true, contact Mr. Marons office at 919' 807-2106 or jmaron(®sosnc.com. They are there to protect your financial exposure. For information about scams, fraud and abuse, visit their website at sosnc.com. The Age-Friendly Advisory Committee is grateful for the many knowledgeable speakers who have given generously of their time and talent to bring topics of timely importance to our forums and our citizens. As always, we are searching for topics of particular interest to our citizens for future forums and welcome your suggestions as we all continue growing healthier, smarter and safer together. Suggestions for future forums may be submitted by contacting Sarah Williams at town hall at SWilliams@townofpks.com or 247-4353, ext. 13. 14 The Shoreline I September 2016
The Shore Line (Pine Knoll Shores, N.C.)
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Sept. 1, 2016, edition 1
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