Tag pension scam

The TAG Pension Scam!

The TAG Pension Scam, also known as the "TAG Pension Plan" or "TAG Retirement Plan," is a type of investment scam that has been targeting unsuspecting individuals, particularly retirees and seniors. Here's what you need to know:

What is the TAG Pension Scam?

The TAG Pension Scam is a fraudulent investment scheme that promises high returns and guaranteed income for life. The scam typically involves a company or individual claiming to offer a "pension plan" or "retirement plan" that is backed by a government or a large corporation. The scammer promises to invest your money in a secure and stable investment, such as a pension fund or a bond, and guarantees a fixed return.

How does the scam work?

The scam typically works as follows:

  1. The scammer contacts you, often through cold calling or email, and offers you a "pension plan" or "retirement plan" that promises high returns and guaranteed income for life.
  2. The scammer claims that the plan is backed by a government or a large corporation, and that it is a secure and stable investment.
  3. You are asked to invest a significant amount of money in the plan, often with a promise of a high return.
  4. The scammer takes your money and uses it for their own purposes, often investing it in a Ponzi scheme or using it to fund their own lavish lifestyle.

Red flags to watch out for:

  1. Unsolicited offers: Be wary of unsolicited offers, especially if they promise unusually high returns or guaranteed income for life.
  2. Lack of transparency: Be cautious if the scammer is unwilling to provide clear information about the investment, the company, or the plan.
  3. Unregistered investments: Be wary of investments that are not registered with the relevant regulatory authorities.
  4. High-pressure sales tactics: Be cautious if the scammer is using high-pressure sales tactics to convince you to invest.
  5. Unusual payment methods: Be wary if the scammer is asking you to make payments in unusual ways, such as through wire transfers or prepaid debit cards.

What to do if you've been targeted:

  1. Report the scam to the relevant authorities, such as the Federal Trade Commission (FTC) or the Securities and Exchange Commission (SEC).
  2. Contact your local police department and file a report.
  3. Reach out to your financial advisor or a reputable investment professional for guidance.
  4. Consider reporting the scam to the Better Business Bureau (BBB) or the National Association of State Boards of Accountancy (NASBA).

Prevention is key:

To avoid falling victim to the TAG Pension Scam, remember to:

  1. Be cautious of unsolicited offers and high-pressure sales tactics.
  2. Research the company and the investment thoroughly before investing.
  3. Verify the legitimacy of the investment by checking with the relevant regulatory authorities.
  4. Never invest more than you can afford to lose.
  5. Consider seeking the advice of a financial advisor or a reputable investment professional.

Remember, if it sounds too good to be true, it probably is!