AG Wilson warns of scammers taking advantage of market downturn due to coronavirus

Coronavirus

COLUMBIA, S.C. (WCBD) – Attorney General (AG) Wilson is reminding the public not to fall for con artists who are capitalizing on the “fear and uncertainty” surrounding the novel coronavirus and its financial impact.

AG Wilson said that in light of the market downtown, scammers may try to convince investors to put their money into “safer guaranteed investments.”

To help investors ensure that they are not being scammed, the AG’s office suggests asking three questions:

  1. Does the investment offer come with a guaranteed high return with little or no risk? If so, it is probably a scam. According to the AG’s office, “all investments carry risk that you may potentially lose some or all of your money…Anyone who says their investment offer has no risk is lying.”
  2. Is there a sense of urgency or limited availability surrounding the investment? The AG’s office says that legitimate offers will be available later.
  3. Is the person offering the investment properly licensed or registered? Is the investment itself properly licensed or registered? AG Wilson says that you should “always ask if the salesperson and the security are registered with their state or provincial securities regulator.”

Those with concerns should contact the Securities Division of the Attorney General’s Office at (803)-734-9916 or by clicking here.

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