Arkansans Express Investment Fraud Fears in AARP Study

Source: AARP.org | December 13, 2007

About 60 percent of the 40+ Arkansans who responded to an October 2007 AARP survey said they believe investment fraud has increased. One in five said they have been approached, in the last 12 months, by someone using high-pressure sales pitches such as "you must invest now," "your investment is guaranteed against loss," or this investment is "risk free."

Most (70%) say they currently invest or own securities, but many (61%) say they lack confidence in their knowledge of buying and selling securities. The survey states that lack of knowledge and confidence about saving and investing could make one vulnerable to consumer fraud. Ted Holder, assistant commissioner of the Arkansas Securities Department, says consumer complaints are increasing in Arkansas.

AARP Arkansas has trained a statewide cadre of volunteers who are available to offer free presentations on investment fraud to AARP, church, civic and community groups. About 120 people heard tips to avoid investment fraud and other consumer scams at an AARP public forum in Fort Smith in November. To schedule an investment fraud presentation, contact Susan Kuehner at the AARP State Office by calling 1-866-554-5379.