As the economy continues to lag, Ponzi schemes and investment fraud are a growing problem for investors throughout the country. The U.S. Justice Department acknowledges this and has recently announced that it will hold a series of summits to help protect and educate investors. The first of these summits was held on October 1 on the Stamford campus of the University of Connecticut, with other summits taking place this month in Nashville, Miami, Cleveland, Denver, and San Francisco.
The summits, hosted by the U.S. Justice Department and the Securities and Exchange Commission, will bring together federal prosecutors, FBI officials, and representatives from other agencies. The conferences will focus on topics that pertain to investment scams and investment fraud victims.
Connecticut U.S. Attorney David Fein, who established the Connecticut Securities, Commodities and Investor Fraud Task Force, expressed concern about the growing problem of investment fraud. He noted that many victims, especially elderly investors, are reluctant to report fraud when it happens. “We’re finding this is a remarkably unreported situation,” he said.
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