Category: News

Department of Banking and Securities Warns of COVID-19-Related Investment Schemes

Harrisburg, PA – The Pennsylvania Department of Banking and Securities (DoBS) is warning investors of an anticipated surge in fraudulent investment schemes.

“As is so often the case during times of emergency, scammers will be looking to profit from the misfortune of others by targeting investors and capitalizing on concerns related to the securities market,” said Acting Secretary Richard Vague. “The narrative of the investment scheme may change, but the underlying scam remains the same.”

The North American Securities Administrators Association (NASAA), of which the department is a member, anticipates fraudulent investment schemes will rise as a result of the ongoing coronavirus outbreak.

In particular, NASAA and the department warn investors to be on the lookout for investments specifically tied to the threat of COVID-19, such as:

  • Falsely purporting to raise capital for companies manufacturing surgical masks and gowns; producing ventilators and medical equipment; or manufacturing vaccines or other miracle cures.
  • Taking advantage of concerns with securities market volatility to promote “safe” investments with “guaranteed returns” including investments tied to gold and other commodities; oil and gas; and real estate.
  • Touting “get rick quick” schemes with quickly earned returns to be used for rent, utilities, and other expenses.
  • Targeting retirees and senior citizens, falsely claiming they can quickly and safely recoup any losses to their retirement portfolios.

Retail investors must remain vigilant and protect themselves from schemes such as these tied to COVID-19 and recent economic developments:

  • Investigate Before You Invest. Before spending any time and money on a financial service, product, or company, investigate before you invest. Investors can visit the DoBS website for tools and resources for researching financial professionals, investments, and companies.
  • Avoid Phishing Scams. Scam emails are made to sound and look real. Never open an attachment or link from an unsolicited email and never share financial or sensitive information without independently verifying the request.
  • Too Good to Be True. The old adage is accurate: If it sounds too good to be true, it probably is. Ask questions about the investment and evaluate the risks. Any legitimate investment involves and degree of risk, and anyone unwilling to provide clear and detailed information about an investment is a red flag.
  • Beware of Economic Relief Schemes. With news that the federal government will be sending checks to the public as part of an economic stimulus effort, scammers will no doubt increase efforts to steal your money. Do NOT give your personal information to anyone purporting to be from the government in relation to receiving a stimulus check. Likewise, anyone asking you to prepay taxes or fees on the money, or pay any type of charge, in order to receive the money is likely trying to defraud you

For more detailed information related to schemes to watch and tips for protecting yourself, the department has developed a guide for investors.

Visit the commonwealth’s Responding to COVID-19 guide for the latest guidance and resources for Pennsylvanians or the Pennsylvania Department of Health’s dedicated coronavirus webpage for the most up-to-date information regarding COVID-19.

Learn more about COVID-19 information and guidance for financial Institutions and consumers from DoBS.

Anyone can contact DoBS at 1-800-PA-BANKS or 1-800-722-2657 to ask questions or file complaints about financial transactions, companies, or products.

tocks skid worldwide as coronavirus infections keep soaring

Stocks skid worldwide as coronavirus infections keep soaring
By STAN CHOE AP Business Writer
NEW YORK (AP) — Stocks are sinking again on Wall Street as more signs piled up of the economic and physical pain being caused by the coronavirus outbreak. The S&P 500 dropped roughly 3% in Wednesday morning trading after President Donald Trump warned the country to brace for “one of the roughest two or three weeks we’ve ever had in our country.” The selling was widespread, and all 11 sectors that make up the S&P 500 were down. Long-term Treasury yields sank as investors moved into safer investments. Stocks worldwide fell following a weak reading on Japanese business sentiment and after big British banks cut their dividends to preserve cash.

Wimbledon canceled for 1st time since WWII because of virus

Wimbledon canceled for 1st time since WWII because of virus
By HOWARD FENDRICH AP Tennis Writer
Wimbledon has been canceled for the first time since World War II because of the coronavirus pandemic. The All England Club announced after an emergency meeting that the oldest Grand Slam tournament in tennis would not be held in 2020. Wimbledon was scheduled to be played on the outskirts of London from June 29 to July 12. It now joins the growing list of sports events scrapped in 2020 because of the COVID-19 outbreak. That includes the Tokyo Olympics, the NCAA men’s and women’s college basketball tournaments and the European soccer championship. The last time Wimbledon was called off was 1945.

Virus case Deaths in NYC top 1,000 as city prepares for worse

Virus cases in NYC top 1,000 as city prepares for worse
NEW YORK (AP) — Deaths from the coronavirus topped 1,000 in New York City as officials warned that the worst of the virus’ toll is yet to come. The city’s Health Department reported late Tuesday that nearly 1,100 people have died of the virus in the city. There are more than 1,500 deaths across New York state. Data released by the city shows that the virus is having a disproportionate effect in certain neighborhoods, mainly in Brooklyn and Queens. The city’s ambulance system is under increasing stress from the pandemic. Nearly a quarter of the city’s emergency medical service workers have been out sick.

State Police Refines Response Guidelines for Certain Non-Emergency Incidents

Harrisburg, PA – Colonel Robert Evanchick, commissioner of the Pennsylvania State Police, announced today a temporary change to the way troopers respond to select non-emergency incidents. With the goal of limiting in-person contact and mitigating the spread of COVID-19, the department has identified certain types of calls that may be resolved with limited or no on-scene response. The change went into effect April 1, 2020 and will remain until further notice.
“To enhance social distancing and keep our personnel and the public safe and healthy, we will begin collecting information via telephone for incidents that do not require an in-person response from a trooper,” said Colonel Evanchick. “This change affects only a limited number of call types, and the public can be confident that the PSP has the personnel, equipment, and plans in place to respond to emergencies and other critical incidents.”
Call types eligible for a modified response include lost and found items, littering, identity theft, and general requests to speak to a trooper. While limiting in-person contact and collecting as much information via telephone is the goal, the actual response will be based on the totality of the circumstances of each unique situation in consultation with a supervisor on duty. State police response protocol to emergencies and crimes in progress remains unchanged.
The department asks the public to be mindful of social distancing if they need to visit their local PSP station. Signs have been posted at each entrance instructing visitors not to enter the facility if they are experiencing symptoms or have been in close contact with someone who has tested positive for COVID-19. Instead, they are instructed to contact the station by phone to speak to a trooper who may come outside to resolve the situation one-on-one if needed.
“Our facilities remain open as a public resource 24 hours a day, seven days a week,” said Colonel Evanchick. “Essential personnel remain ready to assist as needed during this unprecedented public health crisis, and we appreciate the public’s continued support.”

U.S. businesses cut 27,000 jobs in March, before virus hit

U.S. businesses cut 27,000 jobs in March, before virus hit
By CHRISTOPHER RUGABER AP Economics Writer
WASHINGTON (AP) — U.S. companies shed 27,000 jobs in March, according to a private survey, a figure that mostly reflected the economy as it stood before the full impact of the viral outbreak. Payroll processor ADP said small businesses took the biggest hit, losing 90,000 jobs, while medium-sized and large companies still added workers. Economists forecast that much larger job losses, probably in the millions, will be reported in the coming months.

President Trump says ‘life and death’ at stake in following guidelines

Trump says ‘life and death’ at stake in following guidelines
By AAMER MADHANI, KEVIN FREKING and RICARDO ALONSO-ZALDIVAR Associated Press
WASHINGTON (AP) — President Donald Trump is urging Americans to heed his administration’s guidelines for responding to the coronavirus pandemic, calling it “a matter of life and death.” The president’s warning on Tuesday came with new projections that there could be 100,000 to 240,000 deaths in the U.S. even if social distancing guidelines are maintained. Public health officials stressed that the number could be less if people bear down on keeping their distance from one another. The coordinator of the White House coronavirus task force, Dr. Deborah Birx, says officials believe the nation can do much better than the grim forecast if everyone takes seriously their role in preventing the spread of disease.

PA. State Police Report Wrong-way driver causes fatal interstate crash

State police: Wrong-way driver causes fatal interstate crash
BENSALEM, Pa. (AP) — State police say a driver traveling the wrong way on an interstate highway in eastern Pennsylvania caused a crash that left one person dead and two others critically injured. The accident occurred around 1:40 a.m. Wednesday in the northbound lanes of I-95 in Bensalem. State police say a southbound vehicle crashed head-on into another vehicle, though it wasn’t clear why the southbound vehicle was traveling in the wrong direction. Three people were taken to a hospital, where one was pronounced dead a short time later. The names of the injured and further details on their conditions were not disclosed.

Rural areas fear spread of virus as more hospitals close

Rural areas fear spread of virus as more hospitals close
By JAY REEVES Associated Press
CARROLLTON, Ala. (AP) — The coronavirus pandemic couldn’t come at a worse time for rural communities across the U.S. that have lost their hospitals. Nearly 200 small-town hospitals have closed nationwide since 2005, often forcing residents to drive much farther for health care. Last year was the worst yet for shutdowns, and officials say hundreds more rural hospitals are endangered by the pandemic. That’s because moneymaking procedures like elective surgeries are being delayed and resources diverted because of the viral outbreak. More than 46 million people live in rural areas, and the government says they are generally in poorer health than city dwellers.

Wolf Administration Grants Six-Month Extension to Act 235 Certifications

Harrisburg, PA – The Pennsylvania State Police announced yesterday that Governor Tom Wolf has granted a six-month extension to the certifications held by privately employed agents pursuant to lethal weapons training.

The Lethal Weapons Training Act, commonly referred to as Act 235, provides certification to privately employed agents to carry a lethal weapon. A lethal weapon is any firearm, device, instrument, material, or any other substance that can bring about great bodily harm or death. The Lethal Weapons Training Act incorporates education and training as part of being a certified agent.

Privately employed agents include individuals employed by hospitals, health care facilities, and other life-sustaining businesses vital to the ongoing fight against COVID-19. The Governor’s action allows a six-month extension of the Act 235 certification for any agents whose five-year certifications expire from March 6, 2020, until September 7, 2020.

This extension was necessary because of the unavailability of Act 235 recertification training courses during the current state of emergency and will allow to continue their important duties during the ongoing public health crisis.