The Commodity Futures Trading Commission said it has received hundreds of complaints about such fee frauds in recent months and warned individual investors should be particularly aware of the schemes, which promise easy ways to make money with no trading experience, the agency said in an advisory note…. Victims are shown text updates or statements that state the amount they invested is growing but are asked to pay high commissions, money transfer fees and taxes when they try to claim profits, according to the CFTC. The profits aren’t real and the swindlers disappear when the victims stop paying, the CFTC said./ The schemes described by the CFTC highlight the challenges individual investors face as they look for alternatives to the turbulence they face in the stock market….
Derivatives Regulator Warns of Fee Scams During Coronavirus Pandemic [WSJ]
Don’t Click! Coronavirus Text and Phone Scams Are Designed to Trick You [WSJ]
NYC files lawsuits against stores for coronavirus price gouging [N.Y. Post]