State Warns of Virus-Related Scams

 


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.

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