State Warns of Virus-Related Scams
May 21, 2020
The Pennsylvania Department of Banking and Securities is warning investors of an anticipated surge in fraudulent investment schemes related to the coronavirus.
Likely scams include:
• Falsely purporting to raise capital for companies manufacturing surgical masks and gowns; producing ventilators and medical equipment; or manufacturing vaccines or other miracle cures.
• Taking advantage of concerns with securities market volatility to promote “safe” investments with “guaranteed returns” including investments tied to gold and other commodities; oil and gas; and real estate.