FGGAM News Just received this news release from New Mexico Regulation and Licensing Department:
SANTA FE – The New Mexico Regulation and Licensing Department’s Securities Division is warning military members and their families to protect themselves against investment fraud during the Military Saves Week (February 24 – March 1).
“Military members and their families are often targeted for their hard-earned savings and ties to the military community,” said Alan R. Wilson, Director of the Securities Division. “The Securities Division offers resources for military service members to help make them less susceptible to fraud.”
As a recent example of schemes against the military community, the Securities Division recently issued a cease and desist order against Albuquerque-based Equity Advisors, its owner Sidney Evans, and Voyager Financial Group. Voyager promoted a scheme where it would illegally purchase veterans’ monthly pension and disability payments for a single lump sum payment that was far less than the future value, and then packaged them as investments to be sold to gullible investors. Federal law prohibits the sale or the assignment of veterans’ benefits.
“The victims of this scheme are both New Mexico investors and our veterans, but because our veterans often have stressful circumstances, or disabilities, we feel strongly about protecting them,” Wilson stated.
The New Mexico Regulation and Licensing Department’s Securities Division can provide detailed information about an investment product, broker or adviser. This information is easy to obtain and more extensive than information from other sources.
The Securities Division encourages members of the military to visit its website at www.RedFlagsNM.com to take advantage of the investor education materials provided. The website offers several resources designed to help military families learn how to avoid investment fraud, including:
- Salute to Smart Investing. This guide to saving, investing, retirement planning and fraud prevention, prepared especially for the Armed Forces, is available in an online “flipbook” format.
- Conversation Starters for Military Families. Click through this series of open-ended questions to help your family kick start an ongoing dialogue about budgeting, saving, investing and avoiding scams and frauds.
- Investor Resource Library. Learn more about the Top 10 Investor Traps threatening investors and explore additional resources to help you invest safely.
The Securities Division is a proud partner in Military Saves Week and America Saves Week, a national public awareness effort led by the Consumer Federation of America to motivate people to save for their financial future. To learn more, visitwww.americasaves.org.
The Regulation and Licensing Department’s Securities Division protects New Mexicans from fraud and financial abuse by licensing investment professionals, registering securities offering made in the state, offering anti-fraud and educational programs to the public, and investigating fraud and other violations of the state securities laws. To learn more about investment fraud, visit the division’s website at www.RedFlagsNM.com.
