to stop investment fraud
Transcript, 2 minutes 25 seconds, for use during week of April
Description: Susan and Craig Goettsch, director of
investor education for the Iowa Insurance Division discuss
reporting suspected investment fraud.
Announcer: Invest Wisely comes to you from Iowa State University
Extension through a grant from the Investor Protection trust,
providing investor education on the web at: investorprotection.org.
Susan: Craig, I have some questions about investment fraud.
Craig: Great, Susan. What can I help you with?
Susan: We talked last time about the need to be skeptical of
investment offers that sound too good to be true.
Craig: Anytime an investment offer seems too good to be true,
for example, when someone talks to you about risk-free investments
with unbelievable returns, you definitely need to be cautious.
Susan: Since we had that conversation, I’ve been talking
to my mother and she tells me that she thinks she recently invested
in something that might be a scam. When she tries to contact
the company, she can’t reach anyone. Is there someone
she can report her experience to so it doesn’t happen to
Craig: If she thinks that she might have been the victim of
fraud, she should contact the Iowa Insurance Division immediately. She
can either call our toll free number: 877-955-1212 or visit www.investsmartiowa.gov
on the web.
Susan: I’d like to help her prepare before she calls. What
information will we need to provide?
Craig: First, you’ll want to have as much detail as you
can--the name of the company she invested in, who her contact
was, how much money she invested, the specific claims that were
made--the more information she can provide, especially any written
materials, the better. You’ll also want to be prepared
with her name, complete address and a daytime telephone number
where she can be contacted.
Susan: Can I make the complaint on her behalf?
Craig: Certainly. If you choose to do so, you’ll
need an acknowledgement letter from her giving you permission
to look into the matter.
Susan: Thank you. This is very helpful! I’m
going to sit down with my mother today to help her fill
out a complaint.
Craig: Good for you, Susan. And
remember for more information about investing wisely, look for
Invest Wisely at extension.iastate.edu. And don’t
forget to also check out www.investsmartiowa.gov.