Maine securities officials have released their list of the top five investment products or schemes likely to trap Maine investors in 2020.
Topping the list are scams involving promissory notes.
“That’s where someone is convincing you to give them money for some sort of venture and, in exchange, they give you a promissory note saying that you will receive your money back, often times with some quite incredible rate of return,” says Maine Securities Administrator Judith Shaw.
Shaw says rounding out the list are Ponzi Schemes, real estate investment scams, cryptocurrency-released investment products and social media/internet-based investment schemes.
Shaw says the internet and social media have provided much easier ways for scammers to reach out to potential targets.
She says it’s important for investors to understand what they are investing in and who they are investing with. Shaw says her No. 1 recommendation for those thinking about investing is to call the Maine Office of Securities to learn more about the people soliciting the investment and the products they are offering.
