Kentucky attorney general warns against scam targeting fraud victims

Kentucky Attorney General Andy Beshear’s office says victims of financial fraud in Kentucky are being targeted by scammers claiming they can help.

The scammers contact victims of investment fraud schemes through email and phone calls claiming to be an asset recovery company and promising to help recover losses for an up-front fee, according to Beshear’s office. 

The attorney general’s office gave the following tips for potential victims of this scheme in a news release Tuesday: 

  • Know that most financial fraud victims rarely recover lost funds. If money is recovered, it is usually only pennies on the dollar.
  • Before payment, read the fine print of any contract for service. Ask for specifics on what services they are providing for the fee.
  • Consider whether you can risk losing more money if the company does not recoup anything on your behalf.
  • If the company mentions providing legal services, such as filing a class action lawsuit, ask for the names and license numbers of the attorneys and verify their licensure with the appropriate state bar association.  

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