RICHMOND — The State Corporation Commission (SCC) encourages
military members and their families to take control of their financial future and
avoid potential investing landmines during Military Saves Week February 19-26, 2012.
“Readiness is crucial when it comes to keeping our service members, their families,
and their personal finances out of harm’s way,” said Ron Thomas, director of the
SCC’s Division of Securities and Retail Franchising. He cautions military families
to be on guard against fraudulent offers from persons who claim to have ties to
the military community. “Virginia’s securities regulators stand ready to help the
men and women who serve our country protect their hard-earned dollars,” he said.
Thomas urges all investors to carefully research any investment opportunity and
the person and company offering it. Obtain written information that fully explains
the investment before you hand over your money. Understand the investment product
being offered and make sure it meets your personal investment goals. “Contact the
SCC’s Securities Division before you invest to find out if both the investment and
the person recommending it are properly registered in Virginia,” he said.
The Securities Division offers a variety of resources that can help military families
learn how to protect their financial well-being and make informed investing decisions.
In addition to specially-trained staff who can assist service members with their
questions and complaints, the division offers outreach programs to the military
and other groups, as well as numerous consumer publications, investor alerts, and
interactive online quizzes and calculators. It supplies investor education publications
on an ongoing basis to a number of military installations throughout Virginia. Since
2010, the division also has been conducting Investor University on Base at military
bases statewide. This program consists of several sessions covering such topics
as setting financial goals, developing a budget, weighing risk and return, comparing
various types of investments, planning for retirement, and avoiding investment fraud.
For more information, contact the SCC’s Securities Division in Richmond at (804)
371-9051 or toll-free (in Virginia) at 1-800-552-7945. You may also visit the division’s
website at www.scc.virginia.gov/srf or visit the North American Securities Administrators
Association’s website at www.nasaa.org.
The Military Saves Campaign is a year-long effort that provides financial education
to active duty service members, as well as National Guard and Reserve. It is designed
to provide our service members and their families with information about reducing
debt, saving money, and avoiding investment fraud. For more information on this
campaign, visit www.militarysaves.org.
Military Saves Week, part of the larger nationwide America Saves campaign, is a
national public awareness effort led by the Consumer Federation of America to motivate
people to start saving for their financial future. To learn more about America Saves
Week, visit www.americasaves.org.