Con artists may pay people to post fake online reviews or appear in videos falsely claiming to have gotten rich from some investment opportunity.
The defendants’ alleged high-pressure sales tactics included citing upcoming earnings announcements by well-known public companies or expected public disclosures of economic news (for example, the jobless rate) to trick investors to invest more money. The SEC alleges that the defendants’ training materials stated that “you need to create urgency at the beginning of the call” and defined “urgency” as “giving the client a reason to proceed today and not tomorrow.” According to the SEC’s complaint, the so-called “brokers” and “financial advisors” created this “urgency” by telling investors about supposed imminent market events that created profitable trading opportunities but only if the investor acted immediately. These so-called “brokers” and “financial advisors” allegedly also tried to trick investors into making additional and often large deposits by creating a false sense of urgency. The SEC’s complaint alleges the call centers’ employees passed themselves off as “brokers” and “financial advisors” despite having little or no relevant experience. Petersen, the SEC brought charges against the owners and operators of several boiler-room-like call centers for defrauding investors. This tactic often uses images of lavish lifestyles and luxury items to create the illusion of future riches (for example, wealth, fancy cars, mansions, yachts, vacations, etc.). One of the most common gimmicks con artists use is to promise investors that they will make a lot of money in a short period of time – that they will “get rich quick.” Con artists may trick investors into believing that they will make tons of money with little or no effort (for example, for purchasing products or for performing trivial tasks, such as clicking on digital ads each day). Here are a few examples of actual videos used to cheat investors out of millions of dollars (as alleged in SEC v. If it seems too good to be true, it probably is. Fraudsters use different means, including through promotional videos, social media, email, phone conversations, and in-person meetings, to lure victims into scams. Look out for c ommon tricks that con artists use to attract investors.Investors can also use SALI to find information about certain people who have had judgments or orders issued against them in SEC court actions or administrative proceedings. Before you hand over any money or share your contact information, verify that the person is currently registered or licensed and find out if he or she has a disciplinary history.
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