BETTENDORF, IA – Iowa Insurance Commissioner Nick Gerhart announced today that the Iowa Insurance Division (IID) is bringing the statewide “Iowa Fraud Fighters – Shield Your Savings” public education program to the Quad Cities Waterfront Convention Center, located at 2021 State Street in Bettendorf on April 18. The program will educate and empower Iowans to combat and report investment and insurance fraud.
“Con artists are targeting Americans age 60 and older, swindling more than 7 million Americans out of almost $3 billion each year,” said Commissioner Gerhart. “Unfortunately, many smart Iowans have fallen victim to these very slick and sophisticated investment scammers, and some have lost their entire life savings.”
Martha-Jo Ennis, a retired school teacher from Marion, Iowa, said she never understood how anyone could fall for an investment scheme until it happened to her—and she lost her retirement savings and the money she invested from the sale of her family farm, totaling over $1 million. Ennis’ story has been featured at 16 Iowa Fraud Fighter forums across the state since the program’s inception in 2013. In 2014, Ennis was recognized by Money Magazine as Iowa’s Money Hero.
“I nominated Martha Jo for Money Hero to recognize her for her bravery in unashamedly sharing her story with Iowans to help prevent this from happening to them or their loved ones,” said Commissioner Gerhart. “Far too many people are victims of scams and are too embarrassed to report it. When we share Martha Jo’s story at these forums, it’s amazing how audience members come forward during the panel Q&A session and share their stories. And, the state has been able to prosecute, get injunctions and settlements from investigations stemming from information gathered at these forums.”
At a Cedar Rapids Fraud Fighters Forum, a Palo woman brought a carload of nutritional supplements and complained that Leading Health Source Inc. charged more than $44,000 to her elderly parents’ credit cards, noting her father had Alzheimer’s and her mother had other serious health problems. Iowa Fraud Fighter co-presenter, Iowa Attorney General Tom Miller, investigated the case, filed an injunctive order, barred the company from doing business in Iowa and returned every dime of the couple’s money through a settlement.
“Our goal in holding a Quad Cities forum is to educate Iowans on common scams and arm them with tools and tips to prevent and report fraud,” said Commissioner Gerhart. “Gas and oil scams are a common topic of discussion with attendees at our forums. I’m pleased to report I ordered a Texas company and its employees to stop fraudulent sales of unregistered securities in Iowa and pay back 14 Iowans more than $2 million in restitution and legal fees.”
Iowa Insurance Commissioner Gerhart, First Assistant Iowa Attorney General Kevin McCarthy, Iowa Office of Substitute Decision Maker Director Tyler Eason and Senior Health Insurance Information Program (SHIIP) Director Kris Gross will present the Iowa Fraud Fighters program and panel discussion.
Registration begins at 11:30 a.m., lunch is served at noon and the program concludes at 1:30 p.m. Informational booths staffed by agency representatives, and forum assistance providers AARP, Senior Medicare Patrol and Milestones Area Agency of Aging, close at 2 p.m. To RSVP for the complimentary lunch program, call toll-free at 866-559-7114, or fill out the online form at www.IowaFraudFighters.gov by April 11. This free event is limited to the first 200 respondents and is funded partly from fines and settlements collected from scammers. Caretakers of senior parents and grandparents are also encouraged to attend the forum and learn more.
“This forum gives Iowans the opportunity to speak with several government agencies and learn about the state resources available to help prevent and report fraud,” said Commissioner Gerhart. “We are here to show Iowans how to double-check investment offers for legitimacy before they invest and help them take charge in the fight against fraud.”
Iowans are encouraged to visit www.IowaFraudFighters.gov to learn about common investment and insurance scams and discover tips and tools to prevent fraud, including a checklist of information to gather from investment advisers to verify the legitimacy of the offer and the investment adviser.
The IID has general control, supervision and direction over all insurance and securities business transacted in the state, and enforces Iowa’s laws and regulations. The IID investigates consumer complaints and prosecutes companies, agents and brokers engaging in unfair trade practices. Consumers with insurance or investment questions, or complaints, may contact the IID toll-free at 877-955-1212, or visit www.iid.iowa.gov.
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