If my purse had been stolen you would probably think that it was my own fault—and you would be right. How many times have you been watching the local news only to hear about a robbery or the latest pyramid scheme, or to see a sweet woman in tears on your screen who just lost her life savings at the hand of a con artist disguised as a trusted advisor? Even if that con artist is a kind, well-dressed man in a flashy office down the street, you need to keep your eyes on your own purse as well.

Over the years I have heard some pretty surprising things that have happened to very sophisticated and wealthy people. These stories include everything from outrageous guarantees to the promise of spectacular yields, gold, coins, stamps, concert events, oil wells, and more. The scam artists spend twenty-four hours a day dreaming up new and improved ways to dupe you out of your hard-earned cash and they do not always discriminate between rich and poor. Since these con artists do not come with neon signs warning you of their intentions, you must always be on the lookout.

Most recently, a Rocky Mount businessman was jailed for bilking investors out of over $8 million in an illegal investment scheme. WRAL news reported that “one hundred separate indictments” have been handed down in this case alone. Fortunately this alleged criminal has been stopped, but the victims may never see their money again.

You may feel safe because you would never work with an individual like that. How would you know? Some people feel safe because they keep their money with large and reputable firms. While that may bring comfort, you may be surprised to know that some of the most elaborate schemes, which cost investors many millions of dollars, have occurred in a number of the largest and most well known firms in the country.

So what can you do to protect yourself? Although no method is 100% foolproof, there are minimum precautions that you can take. Did you know that, according to an article posted on WRAL.com, when the Secretary of State’s Office slapped a cease-and-desist order on the Rocky Mount businessman last fall, he had already been working without a license for more than a year?

Don’t be afraid to make the call. These agencies are here for you and they want to know when things are not right. If only the investors had gone online or made a phone call; they would have known that the Rocky Mount “businessman” was operating without a license and they could have run for the hills with their retirement funds intact.

You know the old saying “If the dog bites you once, it is the dog’s fault; if the dog bites you twice, it is your fault”? Let’s avoid the first bite!