SPRINGFIELD, Ill. (AP) — Illinois Secretary of State Jesse White is reminding taxpayers that if it sounds too good to be true, it probably is.
The Democrat opened a campaign Monday to encourage people to investigate potential investments before handing over money.
White says investment fraud costs Illinois residents millions of dollars each year. Most incidents involve advisers and salespeople who are not licensed to sell securities or offer investment advice.
White has set up a website for investors to find license information and tips on avoiding scams. At the website, visitors may print out a list of questions to ask brokers, check whether the broker or adviser is registered with the state or has a disciplinary history, and download free educational material.