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Utah securities official warns residents about affinity fraud, urges checks of licensing and documentation
Summary
Francois Grayson of the Utah Division of Securities described affinity fraud as investment scams that exploit trust within communities and urged Utahns—especially seniors—to verify licenses and offering documents and to use resources at securities.utah.gov and scams.utah.gov.
Francois Grayson, assistant director of the Utah Division of Securities, urged Utah residents to watch for "affinity fraud" during an interview marking National Consumer Protection Week, saying the scam often uses community trust to persuade people to invest in fake or poor-quality offerings.
Affinity fraud, Grayson said, occurs when "your family member or a friend or a member of the community uses trust to try to get you to buy either a fake or a bad investment." He recommended that anyone considering an investment check whether the person selling it is…
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