The medical community has really stepped up to provide support for the relief efforts in Haiti. The US and world response has been so great with the delivery of food and clothing that the Haitian government has now said enough is enough. The availability of free food is harming the local farmers in their efforts to sell their crops and earn a living. This is not to say you should not consider a donation to the Red Cross or other relief agency, but the need now is not food and clothing, but money to allow the country to rebuild its infrastructure. So, by all means , if you have the ability to send money, do so.

 

As usual, in any international crisis, the predators will raise their ugly heads. I have been astounded by the number of emails I have received from so-called investors in Haiti or people posing as physicians involved in rebuilding hospitals. All of the emails share a central theme: millions of dollars available that these people need my help in getting out of the country. If I will assist them by arranging a bank account into which they can transfer the funds, I will be paid a multi-million dollar commission. One “refugee” told me he had a trunk full of gold coins locked away in US Customs and only a US citizen could claim the trunk. I, of course, would be able to keep twenty percent of the millions in value for providing assistance. The last email from this scam said they were willing to send me fifty-thousand dollars for my previous efforts even though someone else had secured the gold coins. I am amazed at their confidence in me from just a quick review of my Facebook home page!

 

How greedy and gullible does the world think Americans can be? But, every day or two we see a new report of some uneducated individual, the “smart’ guys never admit they got taken, who gets sucked into depositing a bogus cashier’s check to claim their reward only to have their bank account cleaned out! Greed is not the only motivator here. Many senior citizens get caught up in their desire to help the unfortunate, only to be take advantage of again and again.

 

The conman’s creativity is endless. How many money making schemes could you come up with if you weren’t so busy working for a living? Just remember–it takes two to tango.

 

Anytime someone is in the position to separate you from your money, you and only you are responsible to conduct an independent investigation of the company or person’s background. Anyone with access to the internet has no excuse. Most of these international scams are revealed on the internet before most of us receive our email. Any investment advisor or their broker can be checked out at finra.org. The site will show any past official complaints. Ask for the names of other clients these individuals have worked with. If the advisor or person representing the deal doesn’t have several names willing to talk with you, more information is needed. A good recommendation from other investors is not always enough. Remember, when sheep get sheared, it usually includes the entire flock!

 

The current wave of scams serves as a reminder to be diligent when it comes to risking your hard earned money. No one is as concerned about your money as you are! Many people are anxious to regain investment dollars lost in recent years. A well-balanced portfolio should have regained a good portion of previous losses with the recovery of the market over the last year, but that’s no reason to take abnormal risks.

 

The bottom line still holds true: If it seems too good to be true, it probably is!