It’s a modern-day gold rush. Gold prices have hit all time highs, selling for more than $1,400 an ounce. And, officials say the potential for making some easy money is causing some to fall prey to con artists.
The Michigan Office of Financial and Insurance Regulation is warning the public to be on the lookout for scams. Spokesman Jason Moon said a Flint man was arrested recently for selling bogus mining claims.
“He was enticing people at these so-called free lunch seminars, which is a red flag in itself, he was saying ‘Hey, invest in this gold mining extraction company that I have.’ He put a gold and silver bullion right on the table, to entice investors, and no gold ever existed,” Moon said.
OFIR officials say people who are looking for a shortcut to retirement can sometimes become easy prey, and reminds potential investors that it’s important to do your homework before doing business with anyone.
“In these tough economic times, scam artists aren’t pulling any punches. They’ll do whatever they can to get their sticky fingers in your wallet,” OFIR Commissioner Ken Ross said. “An educated consumer’s best defense against investment fraud is to keep up their financial guard 24/7.”
Michigan investors who have any questions or complaints regarding an investment firm, professional or product, they can contact OFIR at (877) 999-6442.
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