Fox News Interviews Attorney Scott Silver About Florida Financial Frauds

Silver Law Group founder Scott Silver was recently interviewed about a report on the amount of financial loss from investment fraud that originates in the Sunshine State. The report indicates that Floridians lost a total of $311 million to various types of investment frauds in 2023. Only California and Texas have higher losses.

“It’s a huge problem, especially here in Florida, which seems to attract a lot of people who are running scams and trying to take advantage of people,”  Mr. Silver told Fox13 News. “Social media, the internet, the ability to basically promote these kinds of frauds and Ponzi schemes has made it much easier to target specific people and communities.”

Investment fraud can spread quickly through what’s called “affinity groups.” These are groups of people with a common purpose or interest, such as church groups, synagogues, alumni groups, veterans and retirees, nationalities, and others. Any group of people who gather for a specific purpose are frequently targets because of the number of people and the ease with which someone can become a member.

Introducing investment fraud into affinity groups is easier than targeting individuals, as Mr. Silver explains: “One friend tells another friend who tells another friend. Everybody tends to think that somebody else is doing great due diligence, or they’re hearing about the success (and) they get fear of missing out.”

While Florida retirees are the frequent target of individual fraud attempts, the report also shows that Gen-Zer’s and millennials are falling victim to cryptocurrency scams.

Scott continues: “Make sure that you know who you’re dealing with before you forward your money.” He explained that there are some questions investors should ask before handing over money. “Is somebody registered as a financial advisor? Who is the company that they’re working for? Where is this company located? Are they properly registered? Are they stateside? Make sure that you know who you’re dealing with before you forward your money.”

Have You Lost Money To Fraud?  

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.