Would you take investing advice from an SEC commissioner?

Don't! It's a scam

Topics: SEC, Internet Culture, Internet security, Law enforcement, Government, Regulation, ,

Would you take investing advice from an SEC commissioner?

An email phishing scam employing the name of Securities and Exchange Commissioner Daniel M. Gallagher has reached critical mass, forcing the agency that regulates Wall Street to clarify its role:

The SEC does not endorse investment offers, assist in the purchase or sale of securities, or participate in money transfers.  SEC staff will not, for example, contact individuals by telephone or email for purposes of:

    • seeking assistance with a fund transfer;
    • forwarding investment offers to them;
    • advising individuals that they own certain securities;
    • telling investors that they are eligible to receive disbursements from an investor claims fund or class action settlement; or
    • offering grants or other financial assistance (especially for an upfront fee).

Alex Halperin is news editor at Salon. You can follow him on Twitter @alexhalperin.

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