Protect Your Retirement: Investment Scams Targeting Texas Seniors
Texas seniors lost $308,437,815 to investment fraud in 2024 – the highest loss category and one of the largest state totals in the nation. Texas’ energy wealth and growing retiree population make it a prime target for investment criminals.
Related: Every Hour, Another Texas Senior Loses $50,000 to Scammers
Why Texas Leads in Investment Fraud Losses
Several factors make Texas seniors especially vulnerable:
- Oil and gas wealth: Energy industry retirees with substantial savings and pensions are heavily targeted
- Business culture: Texas’ entrepreneurial spirit makes “investment opportunities” seem natural
- Real estate boom: Property wealth creates targets for fake land and development schemes
- Growing retirement population: Seniors moving to Texas bring retirement savings that scammers target
- Independent streak: “I can handle my own money” attitude may prevent consulting family or advisors
Texas-Specific Investment Scams
Oil and Gas Investment Fraud
Fake drilling opportunities, mineral rights purchases, and “direct oil investment” schemes specifically target Texans who understand the energy industry – or think they do.
Texas Land Scams
Worthless desert land sold as “future development” or fake ranch investments, often targeting out-of-state retirees moving to Texas.
Cryptocurrency “Texas Tech” Schemes
Scammers exploit Austin’s tech reputation to sell fake crypto investments, claiming “Texas-based blockchain companies” with guaranteed returns.
Church and Community Affinity Fraud
Scammers infiltrate Texas church communities and social groups to build trust before pitching fake investments to fellow members.
Warning Signs of Investment Fraud
- Guaranteed high returns with no risk
- Pressure to act immediately – “This oil lease closes tomorrow”
- Unregistered investments or unlicensed sellers
- Complex strategies that cannot be explained clearly
- Difficulty withdrawing your money
- Someone from church or community who you haven’t verified
Step-by-Step: How to Verify an Investment in Texas
Step 1: Check Texas State Securities Board
Texas’ securities regulator:
- Phone: (512) 305-8300
- Website: ssb.texas.gov
- Verify any investment or advisor is registered
Step 2: Check FINRA BrokerCheck
- Website: brokercheck.finra.org
- Phone: (800) 289-9999
Step 3: Check SEC EDGAR Database
- Website: sec.gov/edgar
Step 4: For Oil/Gas – Check Railroad Commission
- Website: rrc.texas.gov
- Verify any oil or gas drilling claims
Report Investment Fraud in Texas
- Texas State Securities Board: (512) 305-8300
- Texas Attorney General: (800) 621-0508
- SEC: sec.gov/tcr
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