NASAA Brings Fraud Prevention Focus to America Saves Week

WASHINGTON, D.C. (February 25, 2008) – The North American Securities Administrators Association (NASAA), in observance of America Saves Week, today encouraged investors not only to save but also to protect their assets through fraud prevention.

“Ben Franklin reminded us, ‘A penny saved is a penny earned.’ This week we encourage investors to take that advice one step further by following another maxim of Franklin’s: ‘An investment in knowledge pays the best interest’,” said Karen Tyler, North Dakota Securities Commissioner and President of NASAA.

“NASAA is pleased to join the America Saves campaign and we encourage investors across the country to participate in America Saves Week activities to learn how they can save, invest and most importantly safeguard their assets from investment fraud,” Tyler said.

During America Saves Week (February 24-March 2, 2008), investors of all ages can learn firsthand how to guard their savings from investment fraud by becoming an informed investor. “Each year, investment fraud depletes the hard-earned savings of individuals and families,” Tyler said. “In many cases, the fraud could have been avoided by following a few simple fraud prevention tips.” The tips include:

  • INVESTigate Before you Invest. If it sounds too good to be true, it probably is;
  • Check out the licensing and background of anyone offering investment advice or selling investments;
  • Never pay cash or wire money for an investment;
  • Take your time. Don’t give in to high-pressure sales tactics;
  • If you’ve been a victim of fraud, contact your state securities regulator. Contact information is available on the NASAA website here.

“Unfortunately, whether you have savings of $500 or $500,000, you may be a target of criminals seeking to separate you from your savings. That’s why it’s vital to defend your nest egg from investment fraud,” Tyler said.

Realizing that investor education is one of the best defenses against investment fraud, NASAA provides a wide range of free investor education materials on its website. NASAA also urges investors to contact their state securities regulator with any questions about an investment product, broker or adviser, before making an investment. “The best time to call is before you part with your money,” Tyler said.

America Saves is a national initiative in which 1,000 organizations encourage and assist Americans, especially lower-income households, to save and build wealth. NASAA is pleased to join other partners such as the Consumer Federation of America, Federal Reserve Bank, United Way of America, Department of Defense and others to promote savings during this week. Additional information about America Saves Week is available at: www.americasavesweek.org

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and Mexico.

For more information:
Bob Webster, Director of Communications
Melinda Semadeni, Investor Education Manager
202-737-0900

2008 Headlines, Newsroom