Carnahan Warns Missourians about Misleading “Get-Rich-Quick” Seminars March 01st 2011

From the SOS Office: In light of an increase in complaints and activity observed by her office, Secretary of State Robin Carnahan is cautioning Missourians to exercise special care when considering “get-rich-quick” or wealth enhancement seminars or other opportunities.

Training courses or classes touting attendees’ ability to make quick money by investing in the stock market, real estate or real estate development are being promoted more frequently and prominently in Missouri. The promoters invite Missourians to short training seminars costing hundreds of dollars, and then many of them either offer little actual training or try to sell attendees securities illegally.

“Individuals and companies offering investments in securities in Missouri must be registered with my office. If someone offers you a chance to invest at one of these seminars, call our Investor Protection Hotline to check out the broker or company making the offer,” Carnahan said. “Along with infomercials and radio advertisements, we have also seen these opportunities offered online, including on Craigslist. It’s important to remember that if a deal sounds too good to be true, it probably is.”

Individuals often attend these “wealth building” seminars believing that they will be taught how to invest in the stock market or buy, sell or “flip” real estate and gain financial freedom and independence. However, the seminars often cover only very rudimentary information and are at times little more than an intricate sales pitch to purchase a product or program or attend another, “more advanced” seminar costing hundreds, if not thousands, of dollars. In some situations, attendees are offered interests or shares in real estate investment ventures operated by promoters. 

For more information regarding investments and fraud protection, or for information regarding a company or representative, visit the Secretary of State’s online Investor Protection Center at http://www.MissouriSafeSavings.com or call the toll free Investor Protection Hotline at 1-800-721-7996.