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Investors beware
Investors who take precautions may help reduce their chance of being caught up a stock manipulation. Among those steps:
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Investors who take precautions may help reduce their chance of being caught up a stock manipulation. Among those steps:
• Check the disciplinary history of any brokerage firm or broker. Information can be obtained on actions taken by securities regulators and criminal authorities by calling 1-800-289-9999, a toll-free line operated by the regulation arm of the National Association of Securities Dealers.
• Find out whether the broker is licensed. Call the state Commerce Department at 296-2488 in the Twin Cities area or at 1-800-657-3602 for that and other information. You can also check www.commerce.state.mn.us.
• Ask whether the brokerage is a member of the Securities Investor Protection Corp., which provides limited customer protection if a brokerage firm becomes insolvent.
• Make sure you have control of activities in your account, if that's your desire. Discretionary authority can be given to the broker.
• Never invest in a product or company you haven't investigated.
• Be suspicious of high-pressure pitches and especially of telephone solicitation.
• Be wary of broker recommendations that tout "inside" or "confidential" information. It is illegal to trade on that.
• Back away from pitches that guarantee or promise spectacular profit.
• Watch for an excessive number of transactions in your account. That activity generates additional commissions, while not necessarily enhancing your positions.
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