Justice Dept to highlight investment fraud scams

By: Associated Press Email
By: Associated Press Email

HARTFORD, Conn. (AP) -- The U.S. Justice Department is holding summits around the nation to warn people about the mounting number of investment fraud cases.

The first regional conference will take place Oct. 1 in Connecticut. Summits are also planned for later in the month in Cleveland, Nashville, Miami, Denver and San Francisco.

Connecticut's U.S. attorney, David Fein (FINE'), says the weak economy is a factor in the growing problem of investment fraud. He says many defendants use the proceeds not for high-end luxuries, but to pay for personal expenses including mortgage and tuition bills.

Victims are typically middle-class, often elderly, and in many cases they lose retirement savings.

Federal prosecutors in Connecticut have announced fraud cases this month including that of a man who cheated clients he met through his church.

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