Nevada securities official urges seniors to beware investment scams, offers complaint resources

Edward Schrock Jr., chief compliance audit investigator with the Nevada Secretary of State's Office Securities Division, told the City of Las Vegas Senior Citizens Advisory Board on April 3 that investment scams and affinity fraud remain widespread threats to older adults.

Schrock described schemes he said investigators are seeing, including pump-and-dump groups on social media, Ponzi schemes, "pig butchering" romance-investment scams, advanced-fee frauds and cryptocurrency scams. "If you reply, you get put on, again, not my name, suckers list," Schrock said, warning that replies to unsolicited messages mark people for further targeting.

The presentation followed public comment from Paolo Sonataro of the Nevada Free Taxes Coalition, who said scammers are also using fake IRS communications to steal Social Security numbers and other data from seniors. "We are here to raise awareness of a critical issue affecting our community: the alarming prevalence of scams targeting our senior citizens," Sonataro said, and asked board members to help amplify the coalition's outreach and to encourage senior volunteers for an AmeriCorps RSVP grant program.

Why it matters: Board members and staff said the scams affect residents across Las Vegas wards and can drain retirement savings. Schrock repeatedly urged seniors to check licensing before responding to investment pitches, to avoid calling phone numbers provided by callers and to contact the securities division if they suspect fraud.

Details from the presentation: Schrock cited national and state figures during the talk: he said Nevada consumers lost more than $138,000,000 to fraud in 2024 (Federal Trade Commission data cited during the meeting) and cited U.S. crypto losses on the order of $10,000,000,000 in 2024, with an outsized number of reports from people 60 and older. He described specific red flags: unsolicited contacts claiming to be from trusted people or institutions, guarantees of no risk or unusually high returns, urgent "act now" pressure, and sales materials that conceal high markups or commissions.

Schrock explained the Securities Division's authorities and limits under state law: "Under NRS 90, we have the power to inspect. We have the, we can do investigations. We can issue subpoenas," he said. He also clarified what the office cannot do: it does not give legal or investment advice and cannot guarantee that victims will recover lost funds.

Resources and next steps: Schrock directed attendees to the Secretary of State's securities pages and complaint forms (nvsos.gov), and gave a phone number for investigators (702-486-2440). He encouraged anyone who suspects fraud to file a complaint so the division can investigate licensing and, where appropriate, pursue civil or criminal action. Gregory Gray, Management Analyst I for the Department of Neighborhood Services, said the city can help publicize resources and coordinate follow-up programming.

Board reaction and related concerns: Members raised related consumer-protection issues. Nicole Graham (Member, Ward 1) recommended dementia-awareness training as an education complement, and David Tilzer (Member) highlighted concerns about transportation costs that could compound financial vulnerability. Multiple members asked staff to invite outside agencies for follow-up presentations on paratransit and rideshare supplements.

Ending: Schrock and the board emphasized prevention and reporting. "Education and knowledge," he said, "do your homework. Nothing's rush, rush, rush." The board scheduled follow-up agenda items on scams and related consumer protections for upcoming meetings.