August 2023

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Watch Out for Crypto Affinity Fraud 

Crypto affinity fraud is an increasing threat to California investors, targeting groups with common cultural, ethnic, or professional ties. Scammers engaging in these investment schemes go to great lengths to appear as if they are legitimate businesses, using professional sales techniques, websites, and social media to generate interest and tout successful investment returns. Learn how to recognize crypto affinity fraud and protect yourself from scams. 

Read more.

What’s in Your Wallet? Tips for Keeping Digital Assets Safe 

Technology has revolutionized the way we manage finances. As digital wallets and payment apps become commonplace, they offer convenience and efficiency unmatched by traditional banking methods. While innovative and practical, these tools also come with risks. Learn more about how to keep your digital assets safe. Read more.

Personal Finance for Couples: Managing Joint Finances 

Whether you’re just married or recently moved in together, now is the time to talk about money. Sound unromantic? Money is a common cause of stress in relationships, and if left unaddressed, it can impact more than just your wallet. Follow these tips to help you manage joint finances in a marriage or partnership. Read more.

Scam Chat Wednesdays with AARP

• Cryptocurrency-Romance Scams/Crypto Refund Swindles
  August 16 | 12 - 1 p.m.
• Business and Government Imposter Scams
  August 23 | 12 - 1 p.m.
• Artificial Intelligence (AI) Scams
  August 25 | 12 - 1 p.m.
• Home Repair Scams
  August 30 | 12 - 1 p.m. 

EVENTS 

For more events happening in your community, visit the DFPI Events Calendar. Recordings of select events can be viewed on the DFPI YouTube Channel. 

FEATURED EVENT

Strategies for Retirement Planning 

Aug. 23, 12 – 12:30 p.m. | Virtual

Join this free webinar to learn about the many strategies to having a financially secure retirement. Topics will include fundamentals for new investors, 401(k), 403(b), IRA, wealth transfer, and other financial planning and investment strategies. Guest speakers include a Certified Financial Planner and CalSavers. Register online.

Student Debt Cancellation and Federal Loan Information 

2 - 3 p.m.

Virtual

Senior Scam Stopper – Stanton 

10 a.m. - 12 p.m.

Stanton Civic Center Banquet Room

Senior & Veteran Connect Resource Fair - Monterey

12 - 5 p.m.

Monterey County Fair Grounds, Seaside Room

• Student Loan Report - DFPI released its first Annual Report of the Student Loan Ombudsman, detailing student loan rights, complaints, and DFPI's 2022 activities.

CONSUMER ALERTS & ENFORCEMENT ACTIONS 

• Crypto Asset Related Investment Fraud Actions - DFPI issued orders against CloudFi, CoinMarketBull, and Vortic United for breaching California securities laws. They reportedly sold unqualified securities and misled investors about crypto investments.

• Lear Capital Metals Action - DFPI announced a $5.5 million compensation for Lear Capital, Inc. investors due to a multi-state North American Securities Administration Agency (NASAA) investigation.

• Prehired Loan Action - DFPI, state attorneys, and CFPB filed a complaint against Prehired, LLC for deceptive income share agreements, seeking restitution and contract rescission.

• Raymond James Violation - DFPI settled with Raymond James for $12.4 million over unreasonable commission charges from a North American Securities Administration Agency (NASAA) investigation involving several states.

• CryptoFX Action - DFPI ordered CryptoFX to desist for violating state laws, targeting the Latino community in a crypto scam.

• Cold Wallet Scam - DFPI warns of a scam where entities falsely claim affiliation with the Department, asserting control over crypto "cold wallets" and demanding fees. DFPI doesn't hold “cold wallets.”

• Imposter Website Alert - The website rebeccafitzgeraldcassar.com falsely markets itself as a licensed adviser. It isn't linked to the licensed broker-dealer agent Rebecca Fitzgerald Cassar.

DID YOU KNOW?

The Federal Trade Commission (FTC) filed a lawsuit against Amazon, claiming the company violated the law by enrolling people in its Amazon Prime subscription service without their permission, continuing to charge them, and making it hard to cancel. If a company signed you up for a subscription service without your permission, or if you have problems with canceling a subscription service, you are encouraged to file a Fraud Report with the FTC.