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Secretary of State Launches Anti-Scam Ad Campaign
A new ad campaign is warning you to be on the lookout for bad brokers.

Secretary of State Jesse White unveiled the TV public service announcement called "Line Up," which relays the message that anyone can be a crook when it comes to investment opportunities.

"Each year thousands of people are scammed out of their hard-earned income by unlicensed individuals peddling investments," White said. "We are urging investors to contact our office to investigate whether the broker or investment advisor you are dealing with is registered with the state of Illinois. In these tough economic times, con artists are looking for easy money and the last thing we want is for our citizens to become the victims of fraud."

Tanya Solov, director of the securities department for the secretary of state, says the state is currently handling over 600 cases, most of which will be resolved through administrative action, but adds that the department is also working on 39 criminal cases.

Solov says many of those criminal cases involve promissory notes for everything from alternative energy to making movies.

Before dealing with any broker or financial advisor, consumers should investigate by visiting www.avoidthescam.net, or calling the securities department at 800-628-7937, White says.

(Illinois Radio Network)
11 04 09 by Newsroom
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