Psst – I've got a great investment idea for you. First, give me all your money. Illinois Secretary of State Jesse White says investment scams appear to be on the rise, possibly because of the poor economy. He says his office’s Securities Department handled more than 400 cases of investment fraud last year, with Illinois courts ordering $33 million in repayments.
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White says a new website his office is running has information about the questions you should ask before investing, as well as resources to see if a specific broker is registered or has a disciplinary record. “Nine times out of ten, if a deal sounds too good to be true, it is,” says White.