Savvy Consumer Information Center - Scams and Frauds
Savvy Consumer Information Center - Scams and
Frauds
Scams and
Frauds
Here are some of the
latest Scams, Frauds, and Consumer Abuse items in the news.
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Broken Promises: Promissory Note Fraud -
Promissory notes are investments that typically involve a loan to a company made by an investor in exchange for a fixed
amount of periodic income. Although promissory notes can be appropriate investments for many individuals, federal and
state securities regulators are warning consumers that promissory notes are increasingly being used by some as
vehicles to defraud investors out of millions of dollars. In many cases, investors are lured to these notes since they are
billed as "risk free" and bonded by foreign insurance companies, which are often fake. Local insurance agents who have
previous relationships with the investors usually sell the notes.
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more...
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