The Independent-News, Volume 116, Number 9, Walkerton, St. Joseph County, 26 July 1990 — Page 7

SENIOR CITIZENS FRAUD PREVENTION PROGRAM LAUNCHED A wide-ranging program to warn Indiana senior citizens about securities and other investment scams will begin this week. The program is a part of a threepronged consumer education initiative by Secretary of State Joseph H. Hogsett to combat investment fraud in Indiana. All three parts of the initiative are being financed by fines levied by the Secretary of State on securities laws violators. No taxpayer dollars are involved. "It is only appropriate that those who violated the law before are helping ensure the law isn’t violated again." said Hogsett. "The first prong of this program was to educate the general public about securities fraud, through public service announcements,” Hogsett said. "The second prong was aimed at high school students through stock market simulations. The third prong, which we are launching today, aims to reach seniors.” "One thing we’ve learned is that seniors, like most people, are interested in having a little more income, are bargain hunters, are sympathetic to people in need, and find it difficult to simply hang up on or walk away from high-pressure sales people. The message that needs to get out is that swindlers exploit those characteristics,” said Hogsett. "While the majority of salespersons are honest and legitimate, there are many swindlers who make their livings by preying upon our seniors. We want to keep

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people’s guards up, and remind them there are ways to avoid becoming a victim." Hogsett appeared this week in Fort Wayne. Mishawaka, Gary. Brazil. Evansville, and New Albany with representatives of the American Association of Retired Persons, the Indiana Federation of Older Hoosiers, the local Council on Aging, and the Indiana Department of Insurance. "Senior groups have given us valuable insights into the problems that they confront," said Hogsett, "while federal and state agencies have helped identify the most common types of scams. We hope to take that knowledge and use it for the benefit of others, before there are more victims.” The program includes: I. A videotape entitled "The Boiler Room.” The videotape was acquired from the Arizona securities division and was adapted for Indiana investors. 2. The distribution of a packet of information containing: (a) A brochure entitled "The Swindlers are Coming.” distributed by the Alliance Against Fraud in Telemarketing: (b) A brochure entitled "Do You Have an Insurance Problem?” distributed by the Consumer Services Division of the Indiana Dept, of Insurance: (c) Two brochures entitled “Consumer Protection in Indiana” and the "Directory of Governmental Consumer Assistance Agencies in Indiana." distributed by Attorney General Linley Pearson; (d) A pamphlet entitled "Ten Tips for Investors,” distributed by the Securities Division of the Secretary of State’s office. 3. Seniors will also be given

material listing the phone numbers and contact persons for the ten agencies that are sponsoring the Senior Investment Awareness Program. TEN TIPS FOR INVESTORS 1. Does the offer seem too-good-to-be-true? It probably is. You should question fantastic promises of extra-ordinary returns on investments. Swindlers have been known to offer returns of 25%. 50% and even 100% on short-term investments. 2. Be extremely wary of investments sold on the basis of rumors, tips or "inside information.” 3. Be very cautious when strangers contact you by phone, in person or through the mail. A phone call from a stranger offering a get-rich-quick scheme can be a sign of a "boiler room” scam. In “boiler room” scams, swindlers rent offices with im-pressive-sounding addresses and hire unlicensed salespeople to work banks of phones calling individuals from purchased lists. The fly-by-night scam artists promise fast profits, but usually do not deliver. 4. Stay away from any highpressure sales techniques. Listen to your doubts, and do take them seriously. Do not take seriously any sales person who fries to hurry you to commit your money because “tomorrow will be too late.” Some fraudclent schemes use messengers to pick up investors’ checks almost as soon as they were off the phone; this was the last contact the victims had with the companies. 5. Avoid investments where the seller hesitates to or cannot provide written information about the company or the company's past performance. Do not invest your money until vou have obtained comprehensive information about the company and have reviewed the material with someone you know and trust. But remember, even printed materials —no matter how slickly presented—can be bogus! Read all materials carefully, ask questions and check with independent experts. 6. Ask the seller to give you written information about the investment, including the “prospectus” or “offering circular.” and financial statement. Read these materials or get help reading them before you sign a purchase order to pay for an investment. Sellers are required to provide you with such information for many types of investments, including stock offerings, limited partnerships, franchise offerings and mutual funds. 7. Get competent help. Consult your registered stock broker, banker, lawyer, accountant or real estate agent. Check out the company with your Better Business Bureau, the Indiana Securities Division or a knowledgeable friend or family member. 8. Contact the Indiana Securities Division [l-800-223-8791] to find out if a company or individual is property licensed to do business or has any history of violating the law. The Securities Division can tell you if a company or individual has failed to properly register or if there is a history of trouble with authorities. This should serve as a “red flag” to any prospective investor. 9. Deal with established businesses who have solid reputations. 10. When in doubt, don't. If you have any doubts —if something seems fishy, or if your questions are not satisfactorily answered, or something just seems to be nagging at you, do not commit your money! Remember: even with legitimate investments, there is a risk of losing money: why stack the odds against you by putting your hardearned monev into questionable investments?

ANCILLA OFFERS PRE-REGISTRATION COUNSELING Ancilla College is currently offering pre-registration counseling. Prospective students, adults as well as recent high school graduates, may call the Admissions Office at 936-8898 and set up an appointment to discuss career plans and /or course scheduling. Registration takes place in August but incoming students are advised that NOW is the time to seek information regarding the various programs and courses being offered at Ancilla. In addition to the courses being offered at the Donaldson campus. Ancilla has scheduled evening courses at Plymouth and Culver High Schools. For more information, or to make an appointment to see a counselor, contact the Admissions Office at 936-8898. In the 3rd century 8.C., the courtiers of the royal court in China were required to carry doves in their mouths in order to sweeten their breath when addressing the emperor.

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