Justice Dept to highlight investment fraud scams
HARTFORD, Conn. (AP) — The U.S. Justice Department is holding summits around the nation to warn people about the mounting number of investment fraud cases.
The first regional conference will take place Oct. 1 in Connecticut. Summits are also planned for later in the month in Cleveland, Nashville, Miami, Denver and San Francisco.
Connecticut's U.S. attorney, David Fein (FINE'), says the weak economy is a factor in the growing problem of investment fraud. He says many defendants use the proceeds not for high-end luxuries but to pay for personal expenses including mortgage and tuition bills.
Victims are typically middle-class, often elderly, and in many cases they lose retirement savings.
Federal prosecutors in Connecticut have announced fraud cases this month including that of a man who cheated clients he met through his church.