Beware of Auction Rate Securities Settlement "Phishing" Scam

FINRA has issued an alert to warn the public about a recent auction rate securities (ARS) “phishing” scam that promises compensation from ARS settlements in exchange for personal information. The e-mail looks like it originated from FINRA — although it does not. It purports to inform the recipient of regulatory actions, including fines imposed by FINRA related to ARS, and states that the recipient is due $1.5 million regardless of the amount of their ARS investment or loss. The e-mail then “phishes” for personal information including occupation, address and phone number. The FINRA site provides a sample of the fraudulent e-mail and additional information about what to do if you receive such a message.