Tennessee Participates in Coordinated International Crackdown on COVID-19 Scams

 

The Tennessee Department of Commerce and Insurance (TDCI) Securities Division will participate in the COVID-19 Enforcement Task Force, an international investor protection initiative to crack down on schemes related to the ongoing COVID-19 pandemic.

The North American Securities Administrators Association, of which Tennessee is a member, is coordinating the task force.

This, according to a press release that state officials posted on the TDCI’s website this week.

“As part of this coordinated enforcement effort, TDCI’s Securities Division has looked to identify potential frauds early by actively researching the internet looking for advertisements for investments relating to COVID-19 or a cure for COVID-19 so these can be shut down quickly before TN consumers can be scammed,” the press release said.

“With 111 investigators representing 44 jurisdictions in the United States, Canada, and Mexico, the COVID-19 Task Force represents the largest coordinated enforcement initiative undertaken by state and provincial securities regulators. So far, the task force has disrupted more than 200 schemes related to the pandemic.”

Many of the schemes detected by the task force incorporate fear and anxiety into their pitches by promoting safe returns independent of the stock market and the economy, according to the press release.

Yes, Every Kid

“Others offer unrealistically and guaranteed high rate of return. Many promoters refer to returns as ‘passive income’ or ‘cash flow’ and promise to pay it on a monthly basis, which may appeal to unemployed retail investors or victims who are or may be negatively impacted by changes in the economy,” the press release said.

“Common schemes also often exploit trendy assets such as cryptocurrencies or mysterious programs involving forex trading.”

TDCI  officials said in the press release that consumers can protect themselves against investment fraud.

“Make sure the person offering the investment, and the investment itself, is properly licensed or registered,” the press release said.

“You can check easily by contacting the Tennessee Securities Division’s Registration Section at 615-741-3187.”

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Chris Butler is an investigative journalist at The Tennessee Star. Follow Chris on Facebook. Email tips to [email protected].

 

 

 

 

 

 

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3 Thoughts to “Tennessee Participates in Coordinated International Crackdown on COVID-19 Scams”

  1. rick

    Arrest Commie Cooper and put the sorry comrade on trial for forcing so many people into bankruptcy. Or better yet turn him loose with these people he forced into bankruptcy and let them open a can of whoop a- – on his sorry a- -. POS.

  2. Kevin

    So is “Tennessee” going to arrest Nashville Mayor John Cooper? Are they going to arrest Governor Lee?

    Aren’t both the State and the City getting more and more Federal money for every Covid-19 case they report? So, who here actually thinks that either will exhibit any self-control, and shut off the flow of Federal dollars? City can’t afford to do it, they’re already bankrupt!

    I’ll believe it when I see it!

  3. 83ragtop50

    I feel so much safer! (sarcasm)

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