Recovering From Your Fraud Losses
The U.S. Commodity Futures Trading Commission (CFTC) is the federal government agency that regulates the commodity futures, commodity options, and swaps trading markets. Part of the CFTC’s mission is to address fraud, manipulation, and abusive practices that target customers and other market participants. Unfortunately, sometimes honest people lose money to fraud. Following is information on steps those who have experienced financial fraud may take to begin recovering from their losses.
Monitor Financial Information
• Contact the receiver or monitor assigned to any CFTC enforcement action or any government case related to the fraudulent scheme and submit a claim with all accurate supporting documentation to the assigned receiver or monitor.
• Review any asset or income disclosures you have reported that included the misinformation for things such as loans, public assistance, immigration, and taxes.
• Provide a statement on your credit report if you need to explain debt you have accumulated based upon finances before the fraud was uncovered.
• To learn more about tax treatments that may be applicable to erroneously reported income and losses due to investment or trading fraud, including so-called “Ponzi schemes, visit: www.irs.gov/uac/Help-for-Victims-of-Ponzi-Investment-Schemes.
Avoid Follow-up Scams
• Be aware that you are now a target for other frauds because fraudsters often share details about people they have successfully targeted or approached.
• People who have already fallen victim to fraudsters are also particularly vulnerable to “recovery fraud”. This is when fraudsters contact people who already lost money and claim to be law enforcement officers or lawyers, advising victims that they can help recover their lost money by:
• It’s possible the fraudster was careless with your personal information. Placing an initial fraud alert on credit reports will reduce the risk that an identity thief will open accounts in your name. Identity theft victims can place an initial 90-day fraud alert by contacting one of the following three CRAs. That CRA must, in turn, contact the other two CRAs on the victim’s behalf:
Recognize the Emotional Toll
• As the victim of financial fraud, you may suffer emotional harm and even medical problems.
• You are not alone as millions of people in the United States become victims each year.
• You may experience feelings about:
• For assistance with emotional health, please contact Substance Abuse and Mental Health Services Administration (SAMHSA).
P.O. Box 9532
Allen, TX 75013
Fraud Victim Assistance Division
P.O. Box 6790
Fullerton, CA 92834-6790
P.O. Box 740241
Atlanta, GA 30374-0241
Some content excerpted from Taking Action: An Advocate’s Guide to Assisting Victims of Financial Fraud developed jointly by the FINRA Investor Education Foundation and the National Center for Victims of Crime.