Utah Warns Indians of Investment Fraud

Utah Warns Indians of Investment Fraud

ICTMN Staff
8/31/11

The Utah Division of Securities has issued a warning for the American Indian beneficiaries of the $3.4 billion Cobell settlement: watch out for investment fraud, reported The Deseret News.

The state is worried recipients of the well-publicized payouts, rolling out later this year, will be targeted by investment scammers.

"Our fear is that as we've seen with other high-profile lump sum payments, shortly after the con men follow the news and they see … people getting large checks," division director Keith Woodwell told The Deseret News.

Indians receiving higher payouts—probably amounting to a few thousand dollars—should be especially cautious.

"They will try to use names of other tribe members who are investing to talk up the credibility of the program, and they leave a trail of tears behind," Woodwell said. "People just end up out of their money."

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froggy57's picture
froggy57
Submitted by froggy57 on
Put your money in your land and infrastructures as improvement. Don't buy gold now. It is going to crash, as it is highly over rated/priced right now. Land.. always land.
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