With the advancement of technology, mass marketing fraud has pervaded the nation as well as across the globe. Countless stories portrayed by the media tell how innocent individuals get conned into providing their personal and financial information so that con-artists can have access to their valuable money. Among these mass marketing schemes, potential investment opportunities are one mode through which fraudulent solicitations can arise.
Taking the Bait
Mass marketing scams involve a large number of individuals who are contacted via phone, internet or mail by criminals who fool them into providing their money. There are various types of mass marketing schemes, such as fake “work-at-home” online companies or notifications of winning a “prize”. Some of these ploys can entail a victim paying upfront with the promise of financial gain, or they may involve gaining personal financial information such as account numbers or passwords from the victim themselves. These plots can affect mass numbers of victims for a smaller sum or a few victims for a substantial pay-out.
On account of these mass marketing schemes, investors must exercise extreme caution when deliberating potential investment prospects. Individuals behind these plots attempt to fool investors through “pump and dump” or “scalping” schemes. Both of these scams involve providing information about stocks that are entirely false in order to instigate lowered prices. Investors may also be targeted by mass marketing solicitation through various media.
Suffering the Consequence
When the investment scheme is successfully carried out, the consequences for the victim are nothing less than insurmountable. These individuals may have invested a large sum of money that unfortunately will never be returned to them, and some may have invested money that they have been saving for the majority of their lives. This can prompt the victim to fall into a deep depression or to even contemplate suicide. The mere knowledge that these types of situations can occur may provoke potential investors to re-think investing their money at all. Some may opt to avoid investing altogether in order to safeguard their money, and others may choose to invest a smaller portion in the event that a mass marketing scheme does emerge. In either case, investors may no longer have faith in their investments in the way that they used to.
Avoiding the Risk
Investments are immense financial decisions that often entail a substantial amount of money. Therefore, investments need to be conducted in a systemic manner through a trustworthy source. Although investigative and federal authorities are working hard to eliminate the problem, every investor should understand that they are at risk. However, by avoiding the rush to invest and by conducting comprehensive and thorough research, investors can significantly reduce their risk of victimization.
Whether someone believes that they have been victimized through a mass marketing scheme or if they feel that they have been wrongly accused of one, it is imperative to have a meaningful discussion with a criminal lawyer e.g. in Orlando. An attorney has the expertise to handle these serious and often complicated cases. Furthermore, contacting the appropriate authorities in a timely manner can reduce the chance that the scam artists will get away with their crime.
In an era where so many individuals are bombarded by mass marketing schemes, investing money in a reliable manner has become increasingly more uncertain and perplexing. Unfortunately, many people may refrain from investing their money on account of these plots. Although an inherent risk may remain, investors can resume their business successfully if they are conscientious and vigilant of potential mass marketing fraud.
Molly Henshaw is a law student and contributing writer for the attorneys at Katz & Phillips. It is important to consult a law professional if you feel that you have been a victim of a mass marketing scam.
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