By Deana Garner
Director, Player Security Services
Meet our team: PETE MITCHELL, NFL Ambassador; LECHARLES BENTLEY, NFL Ambassador; GERRI WALSH, President of the FINRA Foundation; and me. FINRA is the Financial Investor Regulatory Agency, which oversees financial investors and broker dealers in the United States. As part of the NFL and FINRA’s commitment to educating NFL players and prospective players about fraud prevention, we spoke with the athletes who attended the 2012 East/West Shrine Game and the 2012 Senior Bowl about this very important issue. Unfortunately, fraudsters often entice current and former NFL players and personnel by using them as conduits. As former NFL players, Pete and LeCharles were able to speak candidly with the athletes and give accounts about some of the successes and mistakes they made in this area.
The attendees of the East/West Shrine Game and the Senior Bowl are at a key moment in their football experience and some are contemplating hiring an investment advisor. As such, we thought it would be helpful to provide prevention tips for their consideration during this process. The athletes saw a presentation and video clips showing former NFL players who have been financially scammed. FINRA provided the following keys to protecting yourself against financial fraud:
1. You have to understand investment fraud.
- This is very difficult to quantify due to under-reporting of investment fraud.
- The FINRA Foundation research: 20% reported being misled or defrauded. 80% did not report it to anyone.
- 10% of all US investors report being scammed.
- This is a real threat to the public, including NFL players, coaches, and club personnel.
- Read more: NFL players sue H.P. wealth advisers | The Business Journal
- FINRA and other presenters discussed typical methods used by scam artists to defraud people.
They also discussed prevention techniques:
- Be alert to persuasion.
- Reduce your exposure.
- Check out your financial advisors.
2. FINRA specifically provided methods to manage your money.
- How to choose the right investment professionals.
- Avoid pre-Draft debt.
- Safeguard your identity.
3. FINRA and the NFL provided financial resources.
For more information on how to avoid investment fraud and other financial topics, go to www.FINRA.org.