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District Marks Financial Fraud Awareness Week by Focusing on Investor Fraud

Friday, August 21, 2009

District Marks Financial Fraud Awareness Week by Focusing on Investor Fraud

DISB will celebrate this year’s Financial Fraud Awareness Week by partnering with several other government agencies to deliver a presentation on investment fraud for the District's older Americans.

(Washington, DC)— The DC Department of Insurance, Securities and Banking (DISB) will celebrate this year’s Financial Fraud Awareness Week, August 23 to August 29, by partnering with several other government agencies to deliver a presentation on investment fraud for District seniors. "The District of Columbia has seen a marked increase in all types of fraud," said DISB Commissioner Thomas E. Hampton. "We are focusing this year on investor fraud because people work a lifetime to accumulate the necessary funds to afford a comfortable retirement; but then, they fall prey to unscrupulous businesses, which cause significant financial losses from which they may not be able to recover. Information is an investor’s best defense against investment fraud. When it comes to investing your retirement funds, it is important to verify everything and everyone." This year, DISB has partnered with the DC Office on Aging, the DC Department of Consumer and Regulatory Affairs and the Office of the Attorney General to host an Investor Fraud Awareness Forum on Wednesday, August 26, from 11:30 am to 1 pm at the Washington Seniors Wellness Center, 3001 Alabama Avenue, SE. DISB and the other agencies will use the opportunity to educate senior consumers about avoiding the pitfalls of financial fraud, especially during these difficult economic times. During Financial Fraud Awareness Week, DISB will provide other general information to District residents on fighting fraud, especially investment fraud, mortgage and foreclosure scams, and insurance fraud. The agency will take part in events hosted by other District government agencies and organizations. Please visit DISB’s agency calendar online. "The information you need to make an informed choice about who you entrust with your money is right at your fingertips," Commissioner Hampton added. "Our office should be your first call if you need license information about your stockbroker, investment adviser, insurance agent or mortgage broker. And the perfect time to make that call is before you turn over any money." Financial Fraud Awareness Week 2009 is aimed at raising District residents’ awareness about how they could spot scams, protect themselves from scams, and where to report scams to help protect others.  WHEN: During the week of August 23 to August 29, 2009 WHAT: DISB is launching its campaign with a proclamation from Mayor Adrian M. Fenty to declare the fight against financial fraud by increasing consumer awareness and reducing risk. DISB will provide consumer tips on different types of financial fraud, how to recognize them, and how to fight against them. The agency is offering media appearances to talk about fraud, and DISB staff will be providing information on fraud in select areas in the District of Columbia.