‘Reload’ scams on the rise, regulators say

Promising relief to investors already taken in by a bad investment (maybe through a pump-and-dump scheme), fraudsters swoop in and offer to help recover victims’ money by buying the bad shares, as long as the investors agree to pay “transfer fees” and other costs. It’s a double-hit; once they’ve got all the money they can, they’re gone and the bad investment is still bad. The so-called reload scams come and go in waves, says the Saskatchewan Financial Services Commission, and they’re seeing a lot of them rising up in the United States. They’ve got a warning, according to the Post-Leader: “Anything that’s asking you to send more money, good money to recoup the bad, you’ve got to really be careful.”

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>