Incurring a stock loss could be devastating. But, it takes courage, determination and the right knowledge to avoid being a victim of a scam. So, if you are being approached by some stock loss recovery firm, then it’s important to know the telltale signs of a scam.
Here are a few things you must know to avoid becoming a stock loss recovery firm’s victim.
Salesmen Reaching Out To You
One of the most common warning signs to look for while trying to avoid being a victim of any stock scam, is being approached by a stock loss recovery firm, without you initiating the pitch. If you receive unsolicited high-pressure sales calls from companies like Cold Spring Advisory Group — and sales people like Louis Ottimo –, then chances are high that you have become their target. Allegedly, Louis Ottimo and many other self-proclaimed stock recovery specialists are after the money of troubled investors; they’ll ask for an upfront fee in the promise of making your stock loss good. So, beware before it’s too late. If it sounds too esy and too good to be true, it likely is.
When you read or listen to claims about how good they are, it’s time to do your homework. There are many companies who indulge in self-promotion through articles written and published by them, contribute to sites that don’t check for accuracy, and/or they send out press releases with grand statements — again, these are not checked for accuracy. They’ll boast how they are the biggest or best in the country at recovery of your stock losses.
Thus, be a little attentive and remember that if it sounds too good to be true, then it usually is!