Investment fraud attorneys: The Ohio Department of Commerce urges Ohioans to review their investment strategies at the start of the New Year to protect against investment fraud.

The start of the New Year is a good time for Ohioans to review their investments and goals for 2012, according to a news release by the Ohio Department of Commerce. This may be one of the most effective ways to protect against investment fraud.

“No matter how tempting it might be, Ohioans should resist pursuing risky investing bets to overcome any losses they may have suffered during the financial crisis,” said David Goodman, director of the Ohio Department of Commerce. “It is important to be aware of con artists who prey on peoples’ fears with false promises of ‘guaranteed’ returns at no risk.” (more…)

The Ohio life insurance attorneys at Elk & Elk learned that life insurers have paid nearly $53 million after improperly holding onto unclaimed death benefits. 

Life insurance companies have been under scrutiny after an investigation revealed that dozens of life insurers in Ohio, Florida and California, among other states, were improperly holding onto millions of dollars owed on fully-paid whole and universal life insurance policies. According to a Bloomberg News Report, life insurers have now paid about $53 million in death benefits after New York’s banking and insurance regulator forced insurers to use their databases to uncover cases where claims haven’t been paid.

According to the New York Department of Financial Services, approximately 8,000 beneficiaries have obtained death benefits. The Ohio investment fraud attorneys at Elk & Elk learned that another 27,889 life insurance policies are currently being processed for claims that haven’t been paid and more than one million policies need further investigation. (more…)

Elk & Elk’s Ohio investment fraud attorneys know it can be devastating to lose millions of dollars due to dishonest financial advisers. Pay attention to these warning signs so you don’t become a victim of investment fraud:

Ever since Bernie Madoff cheated his investors out of more than $50 billion nearly three years ago, the investment management industry has been under heavy scrutiny by the Securities and Exchange Commission (SEC), investors/clients and the media.

But despite Madoff’s reputation, Elk & Elk’s stock loss attorneys in Ohio see firsthand how fraudulent investment bankers continue to scam people out of money in order boost their own bottom line. To be sure, Americans lose hundreds of millions of dollars every year from fraudulent investments.

If you’re considering investing your money, you need to evaluate the risks and be careful about who you let manage your money. Before you put your money in the stock market or a bond-heavy portfolio, you should take some time to familiarize yourself with the investment fraud warning signs.  Here are tips from your Ohio investment fraud attorneys at Elk & Elk on how to avoid becoming a victim of investment fraud: (more…)

If you have whole or universal life insurance, how do you know your death benefits will be paid? Elk & Elk’s Ohio life insurance attorneys answer frequently asked questions about unpaid benefits and help you protect your rights.

Is your life insurance company holding onto death benefits? Some of America’s most trusted life insurance companies may be improperly keeping more than $1 billion in unclaimed life insurance benefits that should belong to policyholders, states or beneficiaries.

The Ohio attorneys at Elk & Elk want to make sure your benefits are protected and your beneficiaries are paid after you die. If you have whole or universal life insurance here are some questions you may have: (more…)

A recent case proves how spotting investment fraud isn’t easy, but stock loss attorneys in Ohio can help you maintain financial security.

We all read daily newspaper stories about those who fall victim to financial schemes and securities fraud, and more often than not, we shake our heads in awe at how these individuals fell for such a scam. Well the truth is, throughout my years as a stock loss attorney in Ohio, I have seen how easy it is for individuals to be conned.

An Ohio real-estate investment agent is being sentenced to 15 months imprisonment for defrauding victims of more than $9M between 2005 and 2008. This case proves to Ohio lawyers how investment fraud can be so tactful that investors often fail to see that they are being victimized.

The U.S. District Court also subjected the defendant to two years of supervised release and an order to pay restitution of more than $184,000 to victims affected directly by his schemes. Ohio investment fraud attorneys know that that investing money comes with risks. In a situation like this, when unethical investors use this fact to cheat their clients out of money, victims are entitled to compensation for their losses.

The defendant was a salesperson for Capital Investments, which is one of three businesses that swindled victims into investing with them. According to court documents, the defendant claimed that the investments were secure and backed by equity in real estate properties in Butler County, Ohio and in Florida. By November 2007 many of the properties lacked substantial equity, were in a state of disrepair, were in default or were in some stage of foreclosure.

The defendant tried to hide his role in the investment scheme by falsifying a questionnaire sent to victims by the Ohio Department of Commerce Division of Securities, which investigated the sale of unregistered securities in 2008.

Securities fraud causes financial mismanagement and robs individuals of their financial security, both now and in the future. As an Ohio investment fraud attorney, I have seen cases in which victims lost their retirement savings, or funds for their child’s education.

Scammers get investors to trust them – they act as professionals and make individuals believe they can help them with their financial savings. Fortunately, Ohio lawyers at Elk & Elk can help you spot a scam: (more…)