People who have fallen victim to investment scams have specific character traits making them more susceptible to fraudsters, according to a new study by US campaign group AARP Fraud Watch Network.
The UK government’s consultation on tackling pension scams received mixed responses, as it acknowledged that the pension freedoms may have contributed to the rise in scams.
The UK High Court has banned three directors who sold worthless carbon credits as part of a £1m ($1.25m, €1.17m) scam.
Overseas pensions and small self-administered schemes (Ssas) “present the greatest risk of being used as vehicles for scams”, the Pensions and Lifetime Savings Association (PLSA) has said.
South Africa’s financial services regulator has dismissed an appeal to overturn the ban of the former boss of collapsed asset manager Interneuron, which swindled investors out of R100m (£5.9m, $7.4m, €6.9m).
A billionaire asset management company founder, a billionaire investor, and an executive at an alternative asset management firm all invested in a Ponzi scheme promising high returns by buying and selling tickets to high-demand shows, including Broadway smash musical Hamilton.
A former Morgan Stanley investment adviser has been charged with stealing around $5m (£4m, €4.6m) from clients to rent a home in Las Vegas, pay for country club membership, and a private jet service.
A former financial adviser currently serving six years in a UK prison for his part in a collapsed biofuel investment scam, is facing further enforcement action by the Serious Fraud Office (SFO) after missing the deadline to pay a confiscation order.
Zurich UK Life has teamed up with The Pensions Advisory Service (TPAS) to pilot a pension scam helpline, offering impartial guidance to customers looking to transfer their savings into schemes that the life insurer has identified as suspicious.
The Financial Conduct Authority (FCA), the UK’s financial services regulator, is currently investigating overseas pension transfers as part of a move to tackle widespread investment fraud, according to Paul Davies, director of advisory firm bdhSterling.
In spite of warnings from government and the pensions industry, 7% of UK adults said they had released some or all of their pension savings as cash after being cold contacted, research from Phoenix Group has found.
The Financial Services Compensation Scheme (FSCS) has warned consumers to be on their guard against an email scam promising a $5.7m (£4.5m, €5.3m) payment to encourage people to provide personal information.
