Image by mohamed Hassan from Pixabay
' When you invest your money in something , it means you ' re going to take a risk in exchange for getting a return ,” Jacobs explained during her interview with TMJ4 .“ Of course there ' s no guarantee .'
Investors should also steer clear if one or more of the following warning signs are present :
• A vague or confusing business model .
• Time limits on when you can invest .
• Highpressure sales tactics .
• A lack of disclosure documents .
• No audited financial records .
Some brokerdealers and investment advisors must register with FINRA ( the Financial Industry Regulatory Authority ) or the SEC ( the Securities and Exchange Commission ), while others do not . It depends on whether the professional does business in one or multiple states .
The regulation bodies for other states include :
• California Department of Business Oversight
• Texas State Securities Board
• Idaho Department of Finance
• New York State Attorney General
• Arizona Corporation Commission
• Nevada Secretary of State
• Florida Office of Financial Regulation
Wouldbe investors should also research whether the person they ’ re talking to has the proper training and licensure .
In Wisconsin , that can be cleared up with a phone call to the Department of Financial Institutions Enforcement Bureau .
“... we can tell ( you ) whether that person is registered either as an investment advisor or a brokerdealer and if they ' re not registered ... I would be very suspicious of that person ,” Jacobs said during her interview with TMJ4 .
Any inquiry to your local business licensing or permits office or a quick Google search should point you in the right direction . Back to Cuccia ’ s purported victims , the future is unknown . Conklin and other people who claim they were swindled by Cuccia are waiting to see if the courts will award them any of what ’ s left from his estate , according to TMJ4 .
Attorneys representing Cuccia ’ s estate declined to be interviewed by TMJ4 .
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