Top Ten Ways to Avoid Losing Money in a Financial Scam – Tip #4: Get it in Writing

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crop businessman signing contract in office

This week, I am addressing another important aspect of protecting yourself from fraud: document all financial transactions in writing. The unfortunate reality is that people sometimes invest hundreds of thousands of dollars without getting anything in writing – usually because they trust the person they’re giving their money to. When people call me to talk… Read more »

Top Ten Ways to Avoid Losing Money in a Financial Scam – Tip #3

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crop businessman signing contract in office

Last time we discussed the importance of doing your homework when making investment decisions. This week, I am addressing another important aspect of protecting yourself from fraud: hiring a legal expert to help you evaluate the potential opportunity. Tip #3 — Hire an Attorney Before You Hand Over the Money While the idea of hiring… Read more »

Top Ten Ways to Avoid Losing Money in a Financial Scam – Tip #2

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fbi white collar crime offender registry

Last time we discussed the importance of slowing down and taking your time when making investment decisions. This week, I am addressing another important aspect of protecting yourself from fraud: doing your homework before handing over your hard-earned money. Tip #2 — Do Your Homework Many scammers rely on the fact that potential victims will… Read more »

Another Sad Story of Affinity Fraud Within the LDS Community in Utah

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coins and letter clippings spelling "fraud"

Editor’s Note: I often write about the dangers of trusting people in your LDS ward or religious community who are pitching investments, but real stories are sometimes more effective. Below is a CLASSIC example of how members of the LDS Church are targeted for fraud. This story was published in the Deseret News on Sep… Read more »

Top Ten Ways to Avoid Losing Money in a Financial Scam – Tip #1

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man working on laptop

Investment fraud is a big issue here in Utah, largely due to our close-knit social and religious communities, which can be prime targets for “affinity fraud.” “Affinity fraud” is a scam that is perpetrated by someone you trust. Scammers use relationships to build trust and legitimacy for their “pitch.” Those relationships can be with family… Read more »

Utah’s Little-Used Whistleblower Law Needs an Update

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whistle

Utah is one of only two states in the United States that has a whistleblower act (Indiana is the other). Utah’s statute was written and passed by a young ambitious politician named Ben McAdams in 2011. Ben asked me to assist with the drafting and to provide testimony in support, which I gladly did. We… Read more »

How to Blow the Whistle on Bank Fraud

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gavel and "bank fraud" sign

The Federal Government offers potentially significant rewards to whistleblowers who provide information to the government that helps protect financial institutions by “deterring would-be criminals from including financial institutions in their schemes.” United States v. Serpico, 320 F.3d 691, 694-95 (7th Cir. 2003). The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) and the Financial Institutions… Read more »