CLEVELAND — The Ohio Department of Commerce’s Division of Securities is sounding the alarm about an increased prevalence of investor scams.
The Division received about 250 complaints of fraud in 2023, an increase from previous years. Ohioans lost more than $150 million to a variety of financial scams last year, according to the Federal Trade Commission.
Good Morning Cleveland anchor Mike Brookbank spoke to Janice Hitzeman, an Attorney Inspector at the Division of Securities, about the financial fallout from investment scams.
"We see frauds that range from $100 to $100 million and it's generally folks who are investing. They're full retirement and they think they're going to get some type of return," said Hitzeman.
Investors should be cautious of unsolicited communications through social media platforms, overly complicated investment opportunities, and offers that seem too good to be true. Consumers should also request information about the investment and research the company before moving forward.
If you think you're a victim of an investment scam, report the incident to local police, the Ohio Division of Securities and the FBI’s Internet Crime Complaint Center.
Victims of investment fraud in Ohio can get back some of the money they lost through the state's recovery fund. For more information, visit the Ohio Investor Recovery Fund page or call the Division of Securities at 614-644-7381.
