Subscribe
Advertisement
  • Subscribe To The Enterprise
  • Contact Us
Subscribe For $2.50/Month
Print Editions
The Enterprise
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Contact
  • Account
  • Login
  • FAQ
No Result
View All Result
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Contact
  • Account
  • Login
  • FAQ
No Result
View All Result
The Enterprise
No Result
View All Result

SCC cautions: beware of scammers looking to profit from coronavirus

Enterprise by Enterprise
March 11, 2020
in Local
0
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

Scammers often rely on headlines to lure unsuspecting investors into bogus investment offers.  As daily news reports continue to track the spread of the coronavirus (COVID-19), the State Corporation Commission (SCC) reminds Virginians to beware of unscrupulous individuals seeking to capitalize on fear and uncertainty surrounding these reports.

“Think twice before considering ‘research reports’ or promotions claiming that the products or services of publicly-traded companies can prevent, detect or cure coronavirus and that the stock of these companies will dramatically increase in value as a result,” said Ron Thomas, director of the SCC’s Division of Securities and Retail Franchising.  These promotions can come in the form of emails, texts, cold calls, social media posts or other online promotions.

“Fraudsters are opportunistic and exploit news events for their own financial gain.  They peddle misinformation to give their promotions an air of legitimacy and immediacy,” Thomas said.  “Before investing, understand the investment, the person or company offering it, where your money is going, how it will be used, and how you can get it back.  Always verify that the salesperson and the security are registered by the appropriate securities regulator.”

Thomas also cautions Virginians to be on the lookout for scam artists trying to use recent market volatility and the coronavirus outbreak to scare investors into so-called “safer, guaranteed investments.”  “Don’t make investment decisions based on panic or fear.  If you have questions, contact a financial professional or your state securities regulator,” he said.

“When it comes to investing, rely on research rather than personal feelings,” Thomas said.  He urges potential investors to ask the following questions:

Does the investment promise guaranteed high returns with little or no risk?  Remember: all investments carry risk that you may potentially lose some or all your money.  No one can guarantee an investment return.

Is there a sense of urgency or limited availability surrounding the investment?  If someone offers you a “can’t miss” investment opportunity and puts you on the spot to complete the transaction, don’t be afraid to walk away.

Are the person or the company offering the investment and the investment itself properly licensed or registered?  In Virginia, you can find out by contacting the SCC Division of Securities and Retail Franchising at 804-371-9051 in Richmond or toll-free (in Virginia) at 1-800-552-7945 or by visiting its website.

Sign up for our free newsletter

Enter your email address to join our weekly newsletter.

You will receive a confirmation email for your subscription. Please check your inbox and spam folder to complete the confirmation process.
Some fields are missing or incorrect!
Lists
Previous Post

Redskins send ‘Loads of Love’ to elementary school

Next Post

 Mr. Jordan LanBert Blankenship

Next Post
 Mr. Jordan LanBert Blankenship

 Mr. Jordan LanBert Blankenship

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Newsletter

Sign up now to get weekly top stories, eEdition notifications, deals and more from The Enterprise right to your inbox.
  • Subscribe
  • Contact The Enterprise
  • eEnterprise
  • My Account

  • Login
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
body::-webkit-scrollbar { width: 7px; } body::-webkit-scrollbar-track { border-radius: 10px; background: #f0f0f0; } body::-webkit-scrollbar-thumb { border-radius: 50px; background: #dfdbdb }
No Result
View All Result
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Contact
  • Account
  • Login
  • FAQ