Idaho Department of Finance cracking down on coronavirus investment scams

Christel Deskins

IDEF has dedicated staff and resources to investigating coronavirus related scams with The North American Securities Administrators Association. BOISE, Idaho — The Idaho Department of Finance (IDEF) announced on Monday it will be participating in the COVID-19 Enforcement Task Force to crack down on scams related to the ongoing coronavirus […]

IDEF has dedicated staff and resources to investigating coronavirus related scams with The North American Securities Administrators Association.

BOISE, Idaho — The Idaho Department of Finance (IDEF) announced on Monday it will be participating in the COVID-19 Enforcement Task Force to crack down on scams related to the ongoing coronavirus pandemic.

The COVID-19 Task Force represents the largest coordinated enforcement initiative with 111 investigators representing over 40 jurisdictions. It has disrupted more than 200 scams.

The North American Securities Administrators Association (NASAA) is coordinating the task force. 

IDEF has dedicated staff and resources to investigating COVID-related scams. The results of those investigations have been reported to NASAA and its members as part of the collaboration.

“Investment scam artists follow the headlines and it is no surprise that COVID-19 scams are targeting investors in Idaho,” director Patricia Perkins said. “Some of these investors are seeking greater returns, while others may have lost a job and are worried about market volatility and making ends meet.  We are putting scam artists on notice that the Idaho Department of Finance is taking swift and effective action to protect investors.”

Throughout these efforts, the task force has realized that many scams incorporate fear and anxiety into their pitches. Others offer unrealistic, guaranteed high rates of return.

These tactics are meant to appeal to unemployed investors and those who are or may be vulnerable to economic changes.

To report a suspected investment scam, or for more information on how to protect yourself from investment fraud, contact the Idaho Department of Finance.

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