The energy sector is a stock category that includes companies directly and indirectly involved in producing and supplying energy. Examples include: oil and gas drilling and production companies, mining companies, renewable energy companies, and more.
Some oil and gas investments are legitimate, but often, they are scams that target the elderly or inexperienced investors. Often, these scams originate from an unsolicited phone call or email and may involve investing gradually over time. Because investors think they are betting on oil and gas prices, most believe it is a solid investment; however, once the investor has invested a large sum of money, they usually find that their accounts are drained and they are unable to reach their broker.
Red flags could include high pressure pitches, unregistered offerings, unrealistic potential returns, and “can’t miss” opportunities.
If you believe you have fallen victim to an oil and gas investment scam, you should secure all bank accounts and cards, report the scam to the local police department and the FTC, file a fraud alert with the major credit bureaus, and contact an investor rights attorney who can guide you through the next steps.
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