The Business Insider: “When a Nigerian prince emails you promising $1.5 million from a deceased relative via a Swiss bank account, you know it’s a scam. But how about the Financial Industry Regulatory Authority promising compensation from auction rate securities settlements?”
FINRA is issuing this Alert to warn the public about a recent auction rate securities (ARS) “phishing” scam that promises compensation from ARS settlements in exchange for personal information. The email looks like it originated from FINRA—although it did not. It purports to inform the recipient of regulatory actions, including fines imposed by FINRA related to ARS, and states that the recipient is due $1.5 million regardless of the amount of their ARS investment or loss. The email then “phishes” for personal information including occupation, address and phone number.