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A mutual fund is a specific type of investment fund; a collection of investments such as stocks and bonds. This collection of investments is owned by a group of investors and managed by a professional money manager. When you purchase a mutual fund, you are joining this group of investors. Mutual funds, unlike most other types of funds are open-ended. This means as more people invest in the fund, the fund can issue new units.
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The list of fixed-income securities available to Canadians got a little shorter last month when the new Federal budget did away with Canada Savings Bonds. If you’re old enough to have been given Canada Savings Bonds by your grandmother like us, you may already have an idea what a fixed-income security is.
By definition a fixed-income security is…
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We close out Fraud Prevention Month with two investment scams that are both a pack of lies.
Boiler Rooms are another scam that movies and television shows like to highlight quite often. Obviously the move Boiler Room is about it, as is the more recent Leonardo DiCaprio, Martin Scorsese film The Wolf of Wall Street.
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Our final question of the week during Fraud Prevention Month asks what you should do if you do fall victim to an investment scam or fraud?
If you think you are the victim of a financial scam or fraud, do not sit idly by and do nothing. Take action! Here are some basic steps to take:
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No one likes paying taxes. Scam artists know this and often try to use it to pull off a scam. However, just because someone says they can save you taxes on your investments doesn’t mean they can, nor does it mean they can do so legally. Enter offshore investment and pension/retirement scams.
Offshore investments scams promise a high rate of return for an investment in an offshore market. They’ll also throw in the caveat that an offshore investment is a great – and legal - way to avoid taxes.
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The honest answer to this question is maybe. It all depends on the seminar you are attending. Is this an educational seminar, or a seminar where a product is being pitched and sold? Investment seminars, or free lunches, are a common and relatively easy way for salespeople to promote and sell investments. However, the investments are not always right for those who attend the seminars.
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Today’s Fraud Friday post will look at two common scams - Exempt Securities Scams & Forex Scams. Both scams involve legitimate investments options, exempt securities and forex, but the way they are being offered and sold is disingenuous.
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Pump and dump scams have been around for decades, but have found new life in recent years online. Before we explain how the Internet has provided a new avenue to pump and dump scammers let’s explain what a pump and dump is and how it works.
A typical pump and dump is separated into two parts. First comes the pump....
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Affinity Fraud is particularly offensive because fraudsters prey upon people’s trust, confidence and faith.
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You may hear the term Ponzi Scheme thrown around quite frequently. It’s shows up in the news occasionally when a scheme collapses and it’s revealed numerous people have lost their money. Ponzi schemes are the subject of numerous movies and television shows such as Tower Heist, Leverage and even an episode of Archer.