Protect Your Retirement: Investment Scams Targeting Pennsylvania Seniors
Pennsylvania seniors lost $56,227,739 to investment fraud in 2024 – the highest loss category in the state. Criminals target retirees in Philadelphia, Pittsburgh, and communities statewide with fake investment opportunities.
Pennsylvania’s $56 Million Investment Fraud Problem
Pennsylvania seniors’ substantial savings make them targets for sophisticated investment fraud:
- Union pension targets: Retirees from steel, coal, and manufacturing with pension payouts are heavily targeted
- Property wealth: Long-time homeowners with significant equity receive “reverse mortgage” and “equity investment” scams
- Conservative investing culture: Scammers exploit seniors seeking “safe” investments with fake bonds and CDs
- Energy sector fraud: Fake Marcellus Shale gas investments targeting Pennsylvania specifically
Pennsylvania-Specific Investment Scams
The “Marcellus Shale Opportunity”: Scammers sell fake natural gas well investments or mineral rights, exploiting Pennsylvania’s legitimate energy industry.
Pittsburgh Steel Pension “Protection”: Targeting retired steelworkers, scammers offer to “safeguard” pension funds in fake investments.
Philadelphia Real Estate Syndication: Fake commercial property investments in “revitalizing” Philadelphia neighborhoods.
Pennsylvania Securities Resources
Use these state resources before any investment:
- PA Dept of Banking and Securities: (800) 600-0007
- Verify investments/advisors: dobs.pa.gov
- PA Attorney General Securities: (800) 441-2555
- Any legitimate investment must be registered with Pennsylvania
Common Investment Scams in Pennsylvania
Cryptocurrency Fraud
Fake crypto trading platforms promising guaranteed returns. Often starts through social media or dating apps.
Fake Financial Advisors
Criminals pose as licensed advisors to convince seniors to transfer retirement accounts to accounts they control.
Precious Metals Scams
High-pressure sales convincing seniors to convert retirement savings into overpriced or non-existent gold or silver.
Promissory Note Fraud
Fake short-term loans with high interest rates that turn out to be worthless or non-existent.
Warning Signs of Investment Fraud
- Guaranteed high returns with no risk
- Pressure to act immediately
- Unregistered investments or unlicensed sellers
- Complex strategies that cannot be explained
- Difficulty withdrawing your money
- Romance connections who suggest investments
Step-by-Step: How to Verify an Investment in Pennsylvania
Step 1: Check PA Department of Banking and Securities
Pennsylvania’s securities regulator:
- Phone: (800) 600-0007
- Website: dobs.pa.gov
Step 2: Check FINRA BrokerCheck
- Website: brokercheck.finra.org
- Phone: (800) 289-9999
Step 3: Check SEC EDGAR Database
- Website: sec.gov/edgar
Report Investment Fraud in Pennsylvania
- PA Dept of Banking and Securities: (800) 600-0007
- PA Attorney General: (866) 623-2137
- SEC: sec.gov/tcr
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