Financial Securities on Risk, More Senior Citizens Duped in Texas Investment Scam
As Financial season is going strong in market , Whether it is tax filling , or investment scheme it seems financial scammers will make no mistake to convert every opportunity into scam . Come what ever in their way , whether young or Elder, scammers would not like to spare anyone. Senior citizens or retires are the most favorites of financial fraudsters these days .
Here is the classic example of Texas investment scam where these, fraudsters had set the example of duping Many senior citizens and teachers.
State enforcement action states ,Howard G. Judah Jr. and Gregory F. Jablonski have falsely tricked many senior investors by declaring false investment returns, false life settlement” policy investment offers etc.
These fraudsters were smart enough, to mislead the investor without revealing real identity ,such as potential information such as details of company and its track record. Moreover these firm was is not registered to Texas Securities Act.” which was clearly attracting violations of the Texas Securities Act.
Texas Attorney General Greg Abbott has discovered the owners of two investment plans which master minded a fraudulent scheme victimizing teachers and senior citizens.
He also view that taking the advantage of market unpredictability ,the criminals attempted to take advantage of innocent investors by falsely promising safe investments and guaranteed returns.
According to State Securities Board investigators, Judah is the professional financial fraudsters and have been convicted 3 times in financial crimes, where as Jablonski and Judah have already floated fraud insurance company known as National Life Settlements, LLC in their concerning states .
Thus without any authentic registration of securities and sales Representatives, They sponsored advertisement and marketing strategies to promote their most secure, stable, and highest paying investment programs .
The program claims written promises to pay sums of money — secured by life settlement policies. How this scheme works is worth intresting ,In life settlements, a life insurance policy, owner sells the policy to a third party for more than the cash surrender value offered by the insurance company. The purchaser then must make premium payments and receives the payout upon the insured’s death.
National Life also claimed that certain products guaranteed a 10 percent rate of return, and promised that its investment opportunities were “not subject to market volatility.” Both statements constitute a “fraudulent practice” under the Texas Securities Act.
Seniors attending the seminars often are subject to fraud, misrepresentations and other violations of the securities laws from such fake investment companies .Therefore they should very careful while making any investment pertaining to any schemes like life saving,pension etc.
Source : .consumeraffairs.com
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