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Q I have always considered my parents to be intelligent and capable of making good decisions, but I wonder if they may be taken in by a new acquaintance who is also in the investment business.
They recently invested in a project that is “going to be huge,” according to the investor. My parents were told not to share too many details because they are a few of the “special people” who were allowed in on this.
It sounds so fishy to me, but they think this is the next big thing but they can’t tell me what it is. Am I over-reacting? (A concerned son in Evansville).
A You are right to be concerned. And to be clear, it is not your parent’s fault that they may have been taken in.
People who are after money are very clever and will do or say almost anything to achieve their desired result.
Your parents might be embarrassed that they were coerced by this person. Or, they really might think this is a good investment. At any rate it deserves some attention.
Check authenticity
If they cannot share the details with you, perhaps they can share the name and contact information of the person who sold them this investment. After all, if it is that good maybe you would like to invest in it yourself.
Once you know this, the next step is to contact the Wisconsin Department of Agriculture, Trade, and Consumer Protection. This department provides services to inform and protect the public. They are especially interested in helping elders because so many scams are aimed at this age group.
If you know the name of the company, you can check with the Better Business Bureau and find out if they have a reputable history. The Department of Consumer Protection would know if the company has any complaints filed against them.
You can also do an Internet search of the company name along with the word “complaint” or “scam” to see if complaints have been filed. It might also be good to see what your parents have in writing from this investment. Anything that is very vague or open-ended is a red flag. The Department of Consumer Protection can also guide you and your parents through the next steps if this turns out to be a scam.
Scamming the elderly
Unfortunately, this happens far too often to older individuals and can cost them much-needed retirement savings — not to mention their pride! I have known extremely intelligent individuals who have been victims of similar pitches.
It is not something to be embarrassed about; rather, exposing this can save others from this scheme. Good luck and thank goodness your parents have you!
Contact information for the Department of Consumer Protection is 1-800-422-7128 or by email at ATCPHotline@wi.gov
Jean Mueller has been a registered nurse for over 30 years. Her experience includes working in home care settings, skilled nursing care, and training individuals to become certified nursing assistants. For the past 13 years she has worked in the Aging Services department of the Madison Diocese Catholic Charities.