State Regulators Warn on y2k Scamsgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
State Regulators Warn on Y2K Scams
WASHINGTON (AP) - People should watch out for investment scams exploiting fears of Year 2000 computer problems, state securities regulators warned.
Some con artists have tried to persuade people to take their money out of banks to avoid computer glitches, then turn it over to be invested with them, the North American Securities Administrators Association said Thursday.
The nation's bankers recently told Americans not to panic over the Year 2000 date change, promising that ATM machines, credit cards, checks and banking services will be functioning normally. They also warned that withdrawing massive amounts of cash could make consumers vulnerable to being robbed.
The state regulators said other promoters are sending unsolicited e-mail messages selling investment opportunities in companies or products that are touted as fixing the Year 2000 problem.
``No one knows how big of a deal the Y2K bug will be. But panic can lead people to make stupid mistakes - something that con artists know well,'' said NASAA President Peter Hildreth, who also is New Hampshire's director of securities regulation.
``There are practical, common-sense things investors can do to protect themselves short of burying their money in the backyard or hiding it under their mattress,'' Hildreth said.
The group advised people to:
-Keep at least six months' worth of bank and brokerage statements on hand, in case a problem develops at the turn of the millennium.
-Ask your broker what their firm is doing to remedy the problem and what procedures are in place for potential problems or disputes.
-Ask for a report on Year 2000 readiness from corporations in which you own shares.
-If you manage your investments and personal finances using off-the-shelf money management software, check with the vendor to make sure it is Year 2000 compliant.
-Check with the company that made your computer and its operating system to be sure they are ready.
Sen. Robert Bennett, R-Utah, chairman of a Senate committee on Year 2000 problems, has said the financial services sector - including the banking and securities industries - appears to be in the best shape of all the seven priority areas he has identified.
-- Leo (firstname.lastname@example.org), January 30, 1999
I'm always "amused" when govco warns us about scams. Why no "truth in government" laws? From the fabulous Ponzi scheme that is "Social Security" to rigged elections ("how sweet it is" to be able program the electronic ballot machines and computers to fudge the results as desired. No more messy paper ballots and hand counting to worry about).
Scams? How about the income tax -- most of you DO NOT owe a penny of state or federal income tax.
Scams? How about the fraudulent Federal Reserve System money scheme where the banking system can create money for loans with keystrokes and you actually have to work for the credits to "pay it back"?
Scams? How about all the wars, including WWI, WWII, Korea, Vietnam, Iraq, various "police" actions, etc., where the general public is manipulated into supporting them, the soldiers are sent out as cannon fodder, and the returning, disabled vets are left to rot in the streets.
"I'm from the government and I'm here to help you."
Get your list together and check it twice -- see who's been naughty and nice.
-- A (A@AisA.com), January 30, 1999.