Here is an interesting announcement today from the Feds in keeping with a major theme of this blog…”buyer beware”:
Washington, D.C., Jan. 4, 2012 — The Securities and Exchange Commission today charged an Illinois-based investment adviser with offering to sell fictitious securities on LinkedIn and issued two alerts in an agency-wide effort to highlight the risks investors and advisory firms face when using social media.
Do you use CDs from TurboTax or H&R Block to file your own returns? They are now offering on-line tax filing help beginning January, through April 2012. Here is an article with some additional info that you may be interested in:
The Securities and Exchange Commission has published a quick review of common investment fraud scams; affinity fraud, Ponzi schemes (like Madoff) and pump and dump. Have you ever been tempted by any of these types of schemes?
http://investor.gov/investing-basics/avoiding-fraud/case-studies
Some folks try to generate a big income tax deduction by “investing” in tax shelter deals. Forbes Magazine has a good article on this…buyer beware:
The North American Securities Administrators Association (NASAA) has just released the annual list of investor traps. I publish this in my continuing effort to educate the public on what to watch out for…it’s your money, so invest with caution:
The following alphabetical listing of the Top 10 financial products and
practices that threaten to trap unwary investors was compiled by the securities
regulators in NASAA’s Enforcement Section:
08/23/2011
This from the U.S. Securities and Exchange Commission www.investor.gov web site:
“For many Americans, retirement can be an alluring stage of life—a time when many hope
to finally have the time to try new hobbies or travel. But retiring comfortably and being
able to do the things you dream about requires a steady stream of income that lasts as
long as you do. The earlier you retire, the more important it is to manage your retirement
assets wisely.
Unfortunately, some financial “experts” tout early retirement schemes that promise
more than they can deliver. This Fact Sheet will help you avoid being misled by flawed
or even fraudulent retirement pitches, particularly those that dangle the prospect of
early retirement with little or no reduction in income compared to your working years.
It describes real-life examples of fraudulent early retirement pitches, provides tips on
how to recognize and avoid these sorts of pitches and tells you where to turn for help.”
Click here for the four page “seminar” http://www.investor.gov/sites/default/files/Early-Retirement-Seminars-101.pdf
The IRS has issued an interesting press release for those of you thinking about being more aggressive with your tax planning for 2011, after finding out that you owe TOO much on your 2010 tax filings. There is a fine line between aggressive tax planning (good) and tax evasion (bad). See for yourself:
