TDCI Helps Military Retirees Fight Financial Predators

In recognition of Military Saves Week (Feb. 22-27), the Tennessee Department of Commerce & Insurance (TDCI) Securities Division reminds all Tennessee military retirees to guard their assets against financial predators.

“The financial exploitation of senior investors, including military retirees, is a growing problem due to the amount of wealth that seniors have accumulated throughout their careers and the steadily rising number of retirees,” said TDCI Assistant Commissioner for Securities Frank Borger-Gilligan. “Military retirees, in particular, need to guard against affinity fraud, in which members of specific groups are targeted for fraudulent investment schemes. Con artists will try to exploit any connection they can to build your trust, even ties to the military community.”

To help all investors with safe investing habits, the Tennessee Securities Division encourages individuals to visit its website to get free investor education materials.

The North American Securities Administrators Association (NASAA also) offers several resources designed to help fight senior financial fraud through its Serve Our Seniors website. Tennessee is a longtime member of NASAA. The Serve Our Seniors website features several resources designed to help senior investors learn how to avoid investment fraud, including tips on how to protect your nest egg, a smart investor checklist and information on how to learn more about your stockbroker or investment adviser’s background. The website also provides an interactive map to senior-related resources, including those in Tennessee.

For information, contact the Tennessee Securities Division at 1-800-863-9117.