An affinity fraud is a scheme to defraud investors who are connected by a specific nationality, religion, social status or other characteristic shared by the victims. Affinity fraudsters often target their personal and professional relationships to initiate the fraud. After roping in a few individuals, they typically urge them to contact their friends and family to ensnare them in as well.

The idea is that if you hear an investment deal that seems from a trusted source, you'll be more likely to partake. The people running these frauds may even give high returns to the initial members and often disseminate fictitious account statements reflecting "profitable" returns while in reality the money has been converted or otherwise lost. These tactics are used to convince investors that the investment is "legitimate."

Our firm has successfully represented a Polish national working with the United Nations that targeted prominent members of the Polish community. We were able to recoup losses through adversary proceedings commenced in U.S. Bankruptcy Court and through unauthorized trading claims filed with SIPC. By cooperation with the United States Department of Justice, we assisted in obtaining the criminal conviction of the culprit of the affinity fraud.

If an opportunity promises no risks for a lot of reward, be on the lookout. The higher a potential return, typically the larger the risk. An investment with a double-digit return and low risk is the dream of all investors but these are incredibly rare. Much more common are frauds promising a low-risk, high-reward opportunity.

Taking Steps To Prevent Affinity Fraud

When you identify a potential affinity fraud, chances are it's already hurting a group of people you know well. These frauds tend to spread via social media and friend circles, which makes it even more important to act.

If your loved ones have been a victim of an affinity fraud, a knowledgeable attorney can help pursue damages. No one should lose their hard-earned money. When you see an affinity fraud, fight back.

Contact Timothy J. Dennin

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