The North American Association of Securities Administrators (North American Securities Administrators Association, NASAA) has closed a site that has used its information to mislead investors.
Association, an international group dedicated to the protection of investors, sent a letter with an order to close the site of the State Securities Commission (State Securities Commission), which presented itself as a state regulatory body to deceive people.
“Some fake sites have caught regulators into account state and federal securities regulators in recent years” – said in a statement Hershteyn Jack, president of NASAA. ”Many of them offered to help investors. In fact, they served as fronts for crooks posing as regulators.”
“We are concerned that scammers are trying to capitalize on our reputation, built on the effective protection of investors to lure someone in an illegal scheme” – he added.
Now the site statesecure.org closed, but you can see the cached version here .
The site has a news section and alerts to investors who, according to Hershteyna are slightly modified version of the news and alerts on the site NASAA. There is also information from other sites on securities, for example, Securities Investor Protection Corporation (SIPC).
The Commission also argues that she has “the securities administrators in 50 states, the District of Columbia, the Virgin Islands, Puerto Rico, Canada and Mexico,” told in the NASAA, and that she was “appointed by Congress to combat fraud.”
“Obviously, this information – a fake” – said Hershteyn. ”Con artists will do anything to seem legitimate organization.”
These fake sites ask investors who want to sue close the enterprise, provide a copy of a brokerage account, and copies of forms, confirming the securities transaction, correspondence and other documents. Some were also asked to attach a check to the completed forms.
“Please send” the regulators’ personal account information and money – it’s an alarm, which may mean that you are dealing with crooks. “