HARRISBURG, Pa., Aug.11, 2016 /PRNewswire-USNewswire/ -- The Department of Banking and Securities warns consumers to investigate companies that offer investmentopportunities based on claims of products or services related to the Zika virus.
"Scam artists often exploit the headlines for their own purposes to defraud investors," said Secretary of Banking and Securities Robin L.
Last week, New York's attorney general issued cease and desist orders against seven companies whose products "are known to be ineffective" in preventing or protecting people from Zika. Additionally, the U.S. Securities and Exchange Commission (SEC) announced that it is aware of "increased stock promotion of companies that claim to be developing products or services relating to the Zika virus."
Wiessmann urged investors to watch out for these red flags of potential investment fraud, courtesy of the SEC:
The department has published "Zika-Related Investment Scams," which provides guidance to investors who may be solicited to invest in companies claiming to be developing or marketing Zika-related products or services. This guidance is available online at: http://bit.ly/2aYOwHb (PDF).
The general public can also learn more about the Zika virus from the Pennsylvania Department of Health: http://bit.ly/2aB0QBi.
Members of the public can contact the Department of Banking and Securities consumer helpline (1-800-PA-BANKS) to file a complaint or ask questions about financial products, transactions, or companies. Consumers and businesses can learn more at www.dobs.pa.gov, and are also invited to connect to the department's outreach efforts by following us on Facebook and Twitter or subscribing to the department's newsletter.
Media contact: Ed Novak, 717-783-4721
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pennsylvania-secretary-wiessmann-warns-investors-of-zika-virus-related-scams-300312541.html
SOURCE Pennsylvania Department of Banking
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