The Securities and Exchange Commission and the Financial Industry Regulatory Authority have issued an investor alert about scams designed to exploit the BP spill.
"The sad thing is people haven't heard the warnings enough, because these scams continue to happen," said John Gannon, FINRA's senior vice president for investor education. "Today, it's the BP oil spill; before, it was Hurricane Katrina. The cover story changes, but the scam is basically the same."
Pump-and-dump schemes aren't the only financial hazard. Singletary adds that donors receiving heart-rending charitable appeals for money to help clean up the spill should investigate before they donate.
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