Just about everyone is looking for a way to increase their money. There are always various investment plans promising to double the investments that patrons make. However, as the old saying goes “buyer beware.” If something sounds too good to be true, it usually is. More people are plugging their funds into investments, hoping to get paid handsomely. By default, these people’s money ends up in the middle of an investment fraud or scam. An investment fraud attorney in Westmoreland County, Pennsylvania can help those unfortunate victims of such a scam. Here are some of the famous scams to watch out for.
* One of the largest investment frauds ever was the Bernie Madoff fraud, which cost investors about $65 billion in losses. This was known as the infamous Ponzi scheme. It is actually a version of the pyramid scheme, which promises investors a large return in a short amount of time. The Ponzi scheme promised investors 50 percent return in 45 days. It can only work for those looking for a quick return.
* Another scam that many people fall prey to is the one that promises riches based on supposed findings of raw material such as gold. For example, Michael de Guzman claimed he had found gold in a jungle. Investors were promised so much stock by investing in the supposed gold mine. By the time it was found that there was no gold in the mine, investors had lost about $3 billion. Potential investors should always have such sources verified by an outside third party.
* A third scam of notoriety was the Enron financial investment scam. This scam worked based on falsified financial reports. Over $74 billion were lost by investors.
Regardless of various scams such as these and others, people are continuing to be duped by promises of riches for their investments. If you are one of them, DaVant & Associates offers to represent your investment fraud cases. They also represent clients in pharmaceutical companies’ issues and problems with multi-national corporations. The law firm has offices in Pittsburgh, Pennsylvania and Houston, Texas. If you need an investment fraud attorney in Westmoreland County, Pennsylvania, this law firm is available. Visit the website.