What Is Affinity Fraud?
Video Summary: Partner, Sam Edwards, discusses how affinity fraud involves investment schemes that target specific groups, such as the elderly, those belonging to identifiable ethnic or religious communities or members of professional groups.
Affinity fraud is a situation where a broker and investment advisor preys upon people in their community. You see it with racial identity where certain racial sectors, religious affinity, religious groups, where a particular person will prey upon people and their community, prey upon that trust. That would be natural within that community.
You see that specifically in immigrant communities a lot of times, it is a significant problem in the investment world because trust is such an important part of who someone hires as a broker or financial advisors. If you believe that you've been a victim of affinity for fraud, please call our law firm, Shepard, Smith, Edwards & Kantas, so we can review your situation free of charge and determine if you have been a victim.