Investing Smart: Colorado Ranks High for Fraud
KREX News Room
GRAND JUNCTION, Colo.- As we inch closer to the New Year, many of us are looking for some resolutions, and what better way than to start fresh with a smarter way of investing your money?
However, with Colorado proving to be one of the highest states for fraud, there are some things you should be aware of.
"You’re garden variety scam artists out there all the time,” said Kirk Rider, attorney at Rider & Quesenberry.
According to the most recent reports published by the Federal Trade Commission, Colorado has the highest per capita rate of fraud complaints other than identity theft.
“What we have seen over the last couple of years, people looking at what we would call, alternative investments,” said Barbara Traylor Smith, financial expert.
Smith says the way the economy is going, more people are looking for unconventional ways of investing. However, they frequently aren't asking their adviser about these deals before hand.
“When you’re looking for something different, you want to know who you are working with and who you are writing the check to,” said Smith.
“You hear this over and over again but people forget it,” said Rider, “If it sounds too good to be true, it is.”
Fraudulent schemes are something officials say the elderly population should be on the lookout for.
Rider says he's been surprised to see how many investors say they should have known better.
"It’s so ironic that these elderly people, who are so concerned about their internet security, become vulnerable because these phishing scams really are clever," said Rider.
Another thing officials say to keep in mind is that just because someone may sits on board or has credentials, doesn't mean they're right to invest with.
If you want to learn more about how to invest smart, officials will be holding a class on Tuesday from 12 -1 p.m. at 244 N. 7th St. in Grand Junction.
For more information on the class call 256-1748.