March 8, 2021 – The Illinois Secretary of State’s office is warning Illinoisans of possible investor scams.
The North American Securities Administrators Association, which includes the Illinois Securities Department, conducted a survey and found that 82% of state and provincial regulators anticipate that fraudsters will continue to attempt to prey on investor fears and anxiety related to changes in the financial markets as a result of the COVID-19 pandemic.
“We expect to see more complaints from investors who have been lured into schemes offering the promise of high returns in order to supplement lost income due to the pandemic,” Secretary of State Jesse White said.
Secretary of State spokesperson Beth Kauffman said the schemes could involve numerous bogus investments.
“Investments involving precious metals, cryptocurrencies, or other type of promissory or foreign exchange markets,” Kauffman said.
Blockchain analysis firm Whitestream released a report uncovering four recent crypto scams originating in Nigeria. Bitcoin and crypto use has been booming in Nigeria, but the dark side is the rise of fraudsters and scams. Whitestream’s report speculates that Nigeria’s Central Bank recently doubled down on cryptocurrency restrictions partly due to the rise of such scams.
Kauffman said Illinois investors should verify that the salesperson and the investment itself are properly licensed or registered by calling the Secretary of State’s Securities Department at 1-800-628-7937.
Visit www.avoidthescam.net for more information.
