After analyzing the most recent data from the FBI and the FTC released in 2023, a new study by Carson Law in Miami Beach finds a record $3.82 billion was lost to investment fraud in 2022, up from $1.6 billion the previous year. California ranks No. 1, losing $869 million, while Florida, Texas, New York and New Jersey round out the top five. From highly publicized large-scale fraudsters such as Sam Bankman-Fried and Bernie Madoff, down to small time scammers in their basements, investment fraud has become the No. 1 type of fraud in America. The unprecedented rise is due to crypto-investment scams and newer artificial intelligence deep fake videos, which trick you into believing a trusted public figure is encouraging you to invest. Always remember to consult a reputable financial adviser before making any investments. If you believe you are the victim of investment fraud, file complaints with the SEC, FTC and the FBI. The takeaway: Florida is a particular area of vulnerability to scams, as the following chart shows.
