The Arizona Corporation Commission has a message for investors around the state.
The Commission warns of the potential risks of investing through self-directed Individual Retirement Accounts, commonly known as self-directed IRAs.
The ACC said custodians of self-directed IRAs generally won't evaluate the quality or legitimacy of an investment and its promoters. The Commission has found assets in these accounts being lost through investment schemes.
The ACC warns of these risks from the promoter:
Misrepresent that self-directed IRA custodians investigate and validate any investment in the IRA
Exploit the investor's fear of incurring a penalty and taxes due for early withdrawal of IRA assets thereby ensuring the scam continues without interruption
Take advantage of the investor's infrequent oversight since investments are typically held for the long-term
Capitalize on the lack of public information and absence of audited financial requirements typical of alternative investments.
Thursday, May 16 2013 2:06 PM EDT2013-05-16 18:06:52 GMT
? CBS 5
Follow @JadiannCBS5, @reporterjmiguel and @elizabetherwin for updates from Jodi Arias murder trial in the death of her ex-boyfriend, Travis Alexander. [Text BREAKING to 23765 to get breaking news alertsMore >
Get updates from the Jodi Arias murder trial in the death of her ex-boyfriend, Travis Alexander.More >
Tuesday, May 21 2013 5:20 PM EDT2013-05-21 21:20:54 GMT
Amy's Baking Company
Amy's Baking Company said legal and online threats have forced it to cancel a press conference Tuesday, but that it's grand reopening will take place as planned. Owners of the Scottsdale bakery, Amy andMore >
Owners of the Scottsdale bakery decided to pull the plug on a 1 p.m. news briefing Tuesday after getting a letter from a litigation law firm representing a company that produces the TV show Kitchen Nightmares. More >
Tuesday, May 21 2013 12:08 AM EDT2013-05-21 04:08:51 GMT
Daryl Raetz, 29, was a six-year veteran of the Phoenix Police Department. (Source:Facebook)
Immigration and Customs Enforcement Officials say the man who owns the SUV that killed a Phoenix Police officer is not in the country legally.Phoenix Police arrested 24-year-old Jesus Cabrera Molina. HeMore >
Immigration and Customs Enforcement Officials say the man who owns the SUV that struck and killed a Phoenix police officer is not in the country legally.More >
Monday, May 20 2013 9:04 PM EDT2013-05-21 01:04:13 GMT
(Source: Fox 29/myfoxphilly.com)
A Utah mom found a unique punishment for her daughter after finding out she was bullying a classmate. Myfoxphilly.com reports that Kaylee, 10, was teasing another student about her clothes so much thatMore >
A Utah mom found a unique punishment for her daughter after finding out she was bullying a classmate.More >
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department. More >
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department.More >