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Seniors Legal Rights

Investments and Lending

Careful Investing

Your money is too valuable to throw away on investment scams. Here are some guidelines to help you identify and avoid fraudulent investment schemes:

If you run into problems or have questions, you can call the Attorney General’s Office at (651) 296-3353 or (800) 657-3787, or the Department of Commerce at (651) 539-1500 or (800) 657-3602.

Investment Fraud

Investment scams have bilked Minnesota seniors out of their life savings. A common scam involves a salesperson who contacts you by phone to sell you an “investment opportunity.” But, in order for you to get in on this great “deal,” the salesperson will tell you to send money today. Experts estimate that telemarketing fraud accounts for $10 billion in investor losses a year, and 45 percent of seniors have been solicited for so-called “investment opportunities” by a person unknown to them. Don’t fall for it! Hanging up is often your best defense. Watch out for these signs of a scam:

Protect Yourself
Hang up the phone. If you are concerned about your income, talk to someone you know and trust. Consult with a trusted financial planner, stock broker, or banker.

Predatory Lending

Predatory and abusive lending can take many forms, but generally these lenders take advantage of people in difficult financial situations. They also look for people facing financial problems as a result of an illness, injury, or natural disaster. Predatory lenders count on consumers’ lack of financial knowledge. You should be on the lookout for the following factors that indicate predatory lending:

If you run into problems or have questions, you can call the Attorney General’s Office at (651) 296-3353 or (800) 657-3787, or the Department of Commerce at (651) 539-1500 or (800) 657-3602.