How Ohio Investors May Avoid Fraud with Self-Directed IRAs
Some self-directed IRAs may be suitable investments for some investors. However, as our experienced Cleveland investment fraud attorneys detailed in a prior article, there are several reasons why self-directed IRAs may be vehicles for fraud. Since the potential for fraud and significant financial loss exists, it is important to learn how to avoid self-directed IRA fraud.Five Ways to Avoid Fraud
In a recent Investor Alert, the SEC encouraged self-directed IRA investors to:
- Verify information in their self-directed IRA statements. Do not simply rely on the information provided, but rather try to verify the information to protect your investment.
- Be extremely wary of unsolicited investment offers. Unsolicited offers may be fraudulent.
- Ask lots of questions. Make sure the agent is licensed and the investment is registered prior to handing over any money.
- Think twice about guaranteed returns. High returns should mean a high risk of loss. Guaranteed high returns are often a sign of potential fraud.
- Talk to an independent professional. Just as you would get a second opinion before major surgery, it is important to get a second opinion from an independent financial advisor whom you trust or an Ohio investment fraud lawyer before opening a self-directed IRA.
Despite your best efforts to stay safe, fraud can still occur and cause you and your family to suffer significant financial losses. If this has happened to you, then it is important to contact a Cleveland investment fraud lawyer as soon as possible for a free consultation.
The Ohio investment fraud attorneys at the Law Firm of Meyer Wilson never take a retainer and are paid on a contingency-fee basis.
To learn more about your rights, we encourage you to call an experienced Ohio investment fraud lawyer today at 614-224-6000 or toll-free at 1-866-827-6537. Also, read our FREE book Five Signs of Investment Fraud... And What to Do if it's Happened to You.