ANNAPOLIS (WJZ) — Maryland Attorney General Brian Frosh is warning investors to be on alert for an expected surge of fraudulent investment schemes related to the coronavirus.
In particular, fraudsters can be expected to develop schemes that falsely purport to raise capital for companies manufacturing medical equipment of manufacturing vaccines and miracle cures.READ MORE: 'Best Places To Retire': Baltimore Lands On U.S. News & World Report Ranking
The schemes often appear legitimate because they draw upon current news.
“In these extraordinary times the health and welfare of all must be our foremost concern, and that includes our financial health” said Attorney General Frosh. “Scammers will begin perpetrating schemes that require little or no advance planning and minimal sophistication. Most will simply be old scams dressed in contemporary clothing.”READ MORE: Harford County Has $58M Budget Surplus, Glassman Says
Scammers also will seek to take advantage of concerns with the volatility in the securities markets to promote “safe” investments with “guaranteed returns” including investments tied to gold, silver and other commodities; oil and gas; and real estate
The Attorney General encourages anyone who believes they have been the victim of a securities scam to contact the Securities Division at 410-576-6365 or by using the complaint form at http://www.marylandattorneygeneral.gov/Securities%20Documents/Scomplt.pdfMORE NEWS: Vaccines Are Helping The Economy Return To Normal. Supply Chain Problems Are Holding It Back