Kentucky Story Archive

Internet, Social Media Scams Top Threats to Kentucky Investors
Department of Financial Institutions Announces Top Threats For 2021

March 8, 2021 – The Department of Financial Institutions (DFI) today reminded investors to be on the lookout for investment schemes pitched through the internet and social media.

“Kentuckians deserve for their hard-earned dollars to stay safe,” said Gov. Andy Beshear. “Investing can help our families build wealth and achieve their goals, but it’s important to be careful through this process so your money works for you, not a criminal who would steal from our people.”

“Investors should be particularly careful about investment opportunities they learn about online that involve precious metals, cryptocurrencies, promissory notes and foreign exchange markets,” said Marni R. Gibson, DFI’s Director of Securities.

The North American Securities Administrators Association (NASAA), of which DFI is a member, identified schemes related to these products as the top threats facing investors this year by surveying state and provincial securities regulators throughout the United States, Canada and Mexico. The survey found the following top threats to investors in 2021:

  1. Internet- or social media-based frauds.
  2. Investments related to cryptocurrencies and precious metals, especially those purchased through self-directed individual retirement accounts (SDIRAs). SDIRAs lack the services and protection of traditional IRAs and can be fertile soil for scammers.
  3. Foreign exchange schemes. In particular, enforcement officials expect to see a resurgence of high-yield foreign exchange and cryptocurrency-related schemes, disguised as membership or investment programs.

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KY credit union regulator earns reaccreditation
Feb. 6, 2017 –– Reaccreditation for the state credit union regulatory agency in Kentucky has been approved by NASCUS, following the agency’s recent five-year reviews.

Gibson named to supervise credit unions, banks
Aug. 18, 2016 — Marni Rock Gibson will be overseeing the supervision of Kentucky state-chartered and credit unions and banks as the depository division director of the state’s Department of Financial Institutions (DFI).

Local Credit Union Ranked Among Nation’s Healthiest Financial Institutions
October 29, 2014 – Louisville, Ky. – A Louisville-based credit union was ranked among the nation’s healthiest, according to DepositAccounts.com, an online aggregator of banking data from federally insured institutions across the country.

Maguire Named Kentucky Department of Financial Institutions Depository Institutions Division’s Credit Union Branch Manager
June 27, 2014 – Frankfort, Ky. – Kevin Maguire was recently named Credit Union Branch Manager in the Depository Institutions Division of the Kentucky Department of Financial Institutions (KDFI). Maguire is an old friend of NASCUS with 20 years of experience in the credit union industry as an examiner, administrator and executive. He came back to KDFI in 2011 after living and working 15 years in Alabama.


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