The Iowa Insurance Division
Helps Prevent Investment
Iowans should take advantage of the Iowa Insurance Division
to avoid being a victim of investment fraud, says Pat Swanson,
CFP® and families specialist with Iowa State University (ISU)
Extension’s Invest Wisely Project (www.extension.iastate.edu/investwisely).
As a part of the Iowa Insurance Division, the Iowa Securities
Bureau administers Iowa securities law by regulating and investigating
the sale of securities within the State of Iowa and providing
for the licensing of securities sales agents and dealers.
Craig Goettsch, director of investor education for the Iowa
Insurance Division, explains that education is an important function
of the Iowa Insurance Division. “And now Seniors Against
Investment Fraud (SAIF) is a new investor education service of
the division. This program was funded by money that was received
from settlement agreements between regulators in many states
and large investment firms. These settlement funds were directed
to be used for consumer education about investments.”
The SAIF program provides Iowa seniors with the information
needed to recognize investment fraud, to stop it from occurring,
to know who to call to report fraud, and to confirm the credentials
of salespeople. SAIF works at the grassroots level by enlisting
and training Retired and Senior Volunteer Program (RSVP) volunteers
from all over the state of Iowa. The volunteers are seniors and
professionals who take an active role in spreading SAIF's message
to Iowa seniors. You can find the nearest RSVP volunteer at http://www.iid.state.ia.us/saif/contactrsvp.asp.
According to Goettsch, a key message of the SAIF program is,
Before you invest: Stop, Call and Confirm. “Stop the scam
from happening. Call the Iowa Insurance Division before taking
action. Confirm the accuracy of the information you’ve
been given before you proceed. The phone number to call is 877-955-1212.
There’s also a Web site : www.investsmartiowa.gov.”
The ISU Extension Invest Wisely
Project provides a series of newspaper, radio, and web resources
for investors. It is funded by a grant from the Investor
Protection Trust (IPT). The IPT is a nonprofit organization
devoted to investor education. Since 1993 the IPT has
worked with the States to provide the independent, objective
investor education needed by all Americans to make informed
investment decisions. www.investorprotection.org.