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Beware of gold and non traditional investments Original Source Link: (May no longer be active)
http://phoenix.bizjournals.com/phoenix/stories/2003/03/17/daily59.htmlhttp://phoenix.bizjournals.com/phoenix/stories/2003/03/17/daily59.html
1:02 PM MST Thursday
Consumers cautioned against con artists
It's hard to believe that, as the nation is at war, there are many scam artists using the war as an opportunity to steal money from people.
Arizona securities regulators Thursday warned investors not to make panicky financial decisions.
They also repeated warnings, issued in the wake of the Sept. 11, 2001, attacks and at the height of concerns about Year 2000 computer glitches, to beware of con artists seeking to capitalize on fear and uncertainty.
"Our economy is the world's largest and most productive, our markets the most open, transparent and best regulated," said Marc Spitzer, chairman of the Arizona Corporation Commission and one of five state securities regulators. "Beware of high-pressure pitches for nontraditional investments such as strategic metals, foreign currency, oil and gas investments or tiny companies that supposedly have products or technology to combat chemical or biological terrorism or whatever else is in the headlines."
Spitzer urged investors to hang up on aggressive cold callers promoting "safe" investments such as precious metals, oil and gas schemes, and to ignore tips about tiny companies with new anti-terrorist technologies or products.
Contact the Arizona Corporation Commission to check that both the seller and the investment are licensed and registered. If they aren't, don't invest.
Investors can contact the Arizona Corporation Commission's Securities Division at 602-542-4242, toll free outside the Phoenix Metropolitan Area at 1-877-811-3878.
The Division's Web site can be accessed at http://www.ccsd.cc.state.az.us.
© 2003 American City Business Journals Inc.
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