Previous | Individual investor muscle Next | How to safeguard access to your accounts
March 17, 2021 / Ray Wills
How to spot investment coaching scams

How to spot investment coaching scams

“My program is going to make you a lot of money. I’ll show you how to do everything you need to do to be successful.”

Ads like this are usually a scam.

The Federal Trade Commission recently announced Operation Income Illusion, a nationwide effort to prevent income scams that promise to make people a lot of money by participating in a special program.

One of the cases announced is against RagingBull.com, an online operation that the FTC says stole at least $137 million.

The unsuspecting individuals who paid the company were led to believe Raging Bull had a special, proven technique to generate profits in the stock market. Ads used to promote Raging Bull featured testimonials from customers who swore by the program.Money falling out of a broken piggy bank that is falling into a criminal's hand

However, the FTC says it was all a lie. Customers didn’t make money and, in fact, many of them lost money. And those wonderful testimonials? The FTC says Raging Bull admitted — in the fine print of the ads — that they don’t even verify if those testimonials are true.

Before you pay for a program that promises to help you invest your money, the FTC advises you to consider the following:

  • Statistics and testimonials can be faked. Scammers want you to believe their program is always successful and low-risk.
  • Scammers create false urgency. They want you to feel pressured to commit now, without doing any research on the offer.
  • No one can guarantee a specific amount of return on your investment. Scammers might claim that you can make thousands of dollars per day or per month for life, but no one can actually guarantee that an investment will be successful.

 
Ray Wills is the security officer at F&M Trust

Recent Articles
How to safeguard access to your accounts
How to safeguard access to your accounts

How to safeguard access to your accounts

July 19, 2023 / Jordan Peffer

Seven tips for buying your first house
Seven tips for buying your first house

Seven tips for buying your first house

July 12, 2023 / David Kuhns

How much do I need to save for retirement?
How much do I need to save for retirement?

How much do I need to save for retirement?

July 05, 2023 / Christian C. Merritt, III

Is bundling insurance right for me?
Is bundling insurance right for me?

Is bundling insurance right for me?

June 28, 2023 / Levi Crouse

Soft landings require skill; Is the Fed instrument-rated?
Soft landings require skill; Is the Fed instrument-rated?

Soft landings require skill; Is the Fed instrument-rated?

April 21, 2023 / Warren Hurt

50/30/20 rule helps with budgeting
50/30/20 rule helps with budgeting

50/30/20 rule helps with budgeting

April 13, 2023 / Courtney Shauf

What is Inflation?
What is Inflation?

What is Inflation?

April 07, 2023 / Joel Huffer

With recession possible, should I review my portfolio?
With recession possible, should I review my portfolio?

With recession possible, should I review my portfolio?

April 03, 2023 / The Merrill Anderson Company

Required Minimum Distributions in 2023
Required Minimum Distributions in 2023

Required Minimum Distributions in 2023

March 20, 2023 / The Merrill Anderson Company

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.