The North American Securities Administrators Association (NASAA), an organisation whose mandate is to protect investors, has asked a website, which purported to be representing the "State Securities Commission," to halt its operations by closing its website.
According to NASAA, the fake site was using content from NASAA’s website, possibly for unlawful purposes. This website is one of the many websites that have come up in recent times to mislead investors.
NASAA president Jack Herstein said they are concerned that con artists are attempting to cash in on their reputation for effective investor protection to lure others into an illicit scheme.
Herstein added that there were no legitiimate state securities regulatory agencies affiliated with the "State Securities Commission."
The unauthorised website was urging investors who had suffered market losses to file "claims" by clicking on a link.
