Fighting Fraud 101
Financial fraud has been far too common in Native American communities, and it is a growing problem with the recent increase in tribal lawsuit settlement payments. First Nations Development Institute has partnered with the FINRA Investor Education Foundation to produce a pamphlet that can help people protect themselves from common financial fraud techniques.
Over the past five years more than $1 billion in tribal trust settlements have been reached, including the Keepseagle and Cobell. class-action legal settlements. Many of these have resulted in payments to individual tribal members, which makes them prime targets for fraudsters who follow a simple strategy: Follow the money. The FINRA Investor Education Foundation is collaborating with First Nations to help reach the recipients of these trust fund settlements, as well as other tribal members who may be targeted for their wealth.
The pamphlet, titled “Fighting Fraud 101: Smart Tips for Investors,” is designed to appeal to individuals, members of tribal investment committees, and retirees. It lists some common fraud tactics, teaches several techniques to avoid being taken advantage of, and how to report suspicious behavior.
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