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Warning issued on war scams

April 07, 2003|by JULIE E. GREENE

People should be wary of telemarketers pitching war-related products or investments, a spokesman for the North American Securities Administrators Association said.

Spokesman Jerry Munk said he wasn't aware of any reports of war-related scams, but they have occurred in the past.

After the Sept. 11, 2001, terrorist attacks, there were approximately six companies taking advantage of anthrax fears and making false claims about the prevention and cleaning capabilities of their products, Munk said.

Munk also cautioned against high-pressure investment pitches for nontraditional investments such as strategic metals, foreign currency, oil and gas.

People should hang up on cold callers, Munk said. Cold callers are strangers who try to sell products or investments to people over the phone.

The association urges people to use common sense. Pie-in-the-sky promises are usually fraudulent, it says.

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