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Harry Cassin
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Andy Spalding
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Richard L. Cassin
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Elizabeth K. Spahn
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Thomas Fox
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Marc Alain Bohn
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Bill Waite
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Eric Carlson
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FINRA warns public about fake . . . FINRA

The Financial Industry Regulatory Authority (FINRA) warned about con artists posing as FINRA to make phony investment pitches.

Scammers are using FINRA’s name and logo in letters that say FINRA is guaranteeing investments. The letters include a fake signature from FINRA president and CEO Robert W. Cook.

It’s actually an advance-fee scam.

FINRA — the real one — published an image of one of the phony letters. It used FINRA’s logo and quasi-legal language about an investment “guarantee.”

FINRA does not guarantee investments, and our officers play no role in facilitating investment opportunities,” FINRA’s Gerri Walsh said Friday.

FINRA is a private corporation. It acts as Wall Street’s independent regulator and is overseen by the SEC.

In a separate fraud, fake emails purportedly from FINRA’s CEO described FINRA as a “recognized financial manager of the IMF.” The emails said “approval has been granted for the release and payment of your outstanding inheritance fund.”

The phishing emails required recipients to send personal details and a copy of their passport.


Richard L. Cassin is the publisher and editor of the FCPA Blog.

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