In every industry, there are people out there who will try to scam you for money, the same goes for Wall Street.

Free Lunch

Avoid the free lunch tactic. Fraudulent scammers will try to lure you into a lunch seminar where they will promise you triple returns when all they really do is take your money.

Penny Stocks

Scammers will use message boards, blogs and emails to trick people with low-priced, thinly traded securities. They will make it sound like it’s the next big thing to hit the market when in reality, they will just make off with your cash.

Cold Calls

If an alleged ‘advisor’ calls you and tells you everything you want to hear, it’s more than likely a scam. Scammers will say anything they can to make their deal sound like the best thing since sliced bread.

Verify Credentials

It’s extremely important to verify who you are choosing to work with on Wall Street. Verify all their credentials and financials because that’s a tip from Mark Matson. Scams are nothing but money pits and can cause trouble.