GRAFTON — The West Virginia State Auditor’s Office urged individuals Tuesday at the Taylor County Senior Center to protect themselves against fraud.
The forum in Grafton was an effort to make the group of seniors aware of “SAIF” — or Seniors Against Investment Fraud. This outreach program for West Virginia seniors has been in operation for three or four years. The auditor’s office travels to group meetings to speak about investment fraud and educate citizens, especially seniors, on the topic.
In West Virginia, investment companies must be licensed through the West Virginia Securities Commission, a division of the auditor’s office, and State Auditor Glen Gainer serves as the securities commissioner. It’s a violation of state law for an individual, company or corporation to offer stocks, bonds or annuities if they’re not registered.
In his presentation, Jim Terango, director of field services for the state auditor’s office, said scam artists often prey on senior citizens. Locke Wysong, eastern regional representative for the office, assisted with the event, which was free to the public.
SAIF has a proactive approach, encouraging people to call 1-888-SAIF-WVA before they make any type of investment. This toll-free phone number allows persons to report entities that are soliciting them for investments.
By calling the 800 line, which is funded by taxpayers, consumers can find out whether a company is registered and how many complaints have been filed against them.
“Investigate before you invest,” Terango said. “You’re doing the investigation by calling us. We’re going to check it out for you.”
He said the role of the auditor’s office is to provide members of the public with information so they can make their own decisions.
“We don’t give advice (on investments),” Terango said. “We’re never going to tell you who to invest with and who not to invest with.”
Fraud appears in many forms, such as phone and credit-card scams and more. If an investment sounds too good to be true, it probably is, and don’t believe people who claim they can double a person’s money, he said.
“Many, many scams occur now,” Terango said.
Seniors are often reluctant to report being victimized because they don’t want others to know that they fell for a scam, and they want to keep their independence. Individuals shouldn’t be afraid to report investment fraud, he said.
Terango said volunteers with the SAIF program can help seniors prepare complaint forms if they believe they’ve been scammed. Rosemary Knight, a staff member at the Taylor County Senior Center, is a SAIF volunteer and can help people confidentially make their reports.
Also, the securities commission, which is part of a national database, is notified of scams and sends fraud alerts to the SAIF volunteers to spread the word, Terango said.
He said prevention is the key.
“I’m sure we’ve prevented a lot of people from being scammed,” he said.
For more information, call 1-888-SAIF-WVA or visit www.wvsao.gov.
E-mail Jessica Legge at jlegge@timeswv.com.
Local News
‘Investigate before you invest’
Seniors Against Investment Fraud program operating in West Virginia
- Local News
-
-
Funeral today for former WVU football coach Bill Stewart
Former West Virginia University football coach Bill Stewart is heading home to New Martinsville for the last time.
-
Tears and memories: VIDEO
It was mid-Thursday afternoon at the Morgantown Event Center and the crowd stood mostly silently in line that wound out of the Events Hall and into the hallway toward the staircase.
A young lady was there holding a singular golden rose
“I wish,” Rebecca Durst said, “it could be gold and blue.” -
‘Dangerous fugitive’ is apprehended
Two more targets of “Operation Blue Haze” were apprehended by U.S. Marshals and local police Thursday.
Bryan Keith Egress, 28, described by United States Marshals as a “dangerous fugitive,” was arrested around midnight Thursday at 1410 Miller St., Fairmont, the residence of his girlfriend. -
Excitement marks Three Rivers Festival
It was 5:55 p.m. Thursday on Merchant Street. Kids ran up and down the sidewalks, as their older siblings strolled along the side of the street. Waiting.
There was a certain energy in the air. An expectation. -
Spring paving under way
Some folks in the Friendly City are seeing a fresh coat of asphalt go down on the street in front of their homes.
City Manager Jay Rogers said Fairmont’s spring paving project will resurface two blocks of Gaston, Virginia and Minor avenues, as well as Moore Place from 12th Street to 14th Street. -
Fairmont Catholic’s Arts Festival popular event
Students at Fairmont Catholic were not lined up in their respective rows or seats on Thursday morning.
Some were dancing in a classroom, attempting to follow the lead of Shawna Gerau-Santee, owner of the Fifth Street Dance Co. -
‘Nothing suspicious’
A Maple Avenue home sustained damage following a morning fire Wednesday.
The Fairmont Fire Department was called to the home at 601 1/2 Maple Ave. at 8:55 a.m. Wednesday. -
Day Report Center growing
It’s been more than two years since the Marion County Day Report Center took in its first participant.
Since then, the Day Report Center has continued to grow, as 161 additional people have walked through its doors. Of the 162 participants, 60 are active. Five counselors serve on the staff to accommodate the number of participants. -
Three Rivers Festival to start today
The smell of cotton candy, kids’ laughter on a carnival ride and excitement from the parade are familiar memories for people who look forward to a local event that attracts many every year.
-
Arrests made in robbery, drug-selling cases
Fairmont police and the Marion County Sheriff’s Department have made arrests in robbery and drug-selling cases.
On Tuesday, deputies arrested Bethanie L. Carpenter, 23, for conspiracy to commit a felony in a robbery case from earlier in the month. - More Local News Headlines
-
