Someone Just Offered You a “Guaranteed” Return. Before You Sign Anything, Read This
It usually starts in a friendly way.
A former colleague messages you on WhatsApp. Or a nice man at a seminar buys you lunch. Or a smiling stranger in a Facebook group says she has "a little something" that has paid her family every single month for two years.
Then come the magic words: "Your capital is protected, and the return is guaranteed."
If you have lost money in the stock market before, those words hit a very soft spot. Of course they do. After watching your portfolio fall 30% or 40%, who would not want a number that never goes down?
So here is the plain answer, before anything else.
The short answer A real guaranteed return exists, but it is always low: bank deposits, government bonds and some insurance products pay roughly the "safe" rate in your country, often a few percent a year, and part of that is eaten by inflation. The stock market has no guarantee at all, but over long periods it has paid far more (about 10% a year for US stocks since 1926, with painful drops along the way). Anyone offering you a guaranteed return well above your country's safe rate, especially "1% to 5% a month", is very likely running a scam. Every regulator from the SEC to Bank Negara says the same thing. |
This article shows you exactly how to tell a real guarantee from a fake one, the simple math that exposes a fake one in 30 seconds, three real stories of people who trusted the word "guaranteed", and a five-minute check you can do before you sign anything.
Read it slowly. It may be the most valuable thing you read this year, because the person who sends you that WhatsApp message will not show you any of it.
Guaranteed return vs stock market: the 10-second comparison
Here is the honest side-by-side. Notice that the right-hand column is not a guaranteed product at all. It is a promise from a person, and that is where most of the money gets lost.
Real guarantee (bank deposit, government bond) | Stock market index fund | "Guaranteed" high-return offer | |
Typical return | Low: close to your country's safe interest rate | No promise. About 10% a year long-run for US stocks, with big ups and downs | 1% to 30% a month promised |
Can you lose money? | Not if insured (within limits) or held to maturity. Inflation can still shrink it | Yes, sometimes 30% to 50% in a crash, usually recovered over time | Yes, often everything |
Who backs it? | A government deposit insurer or the government itself | Nobody. You own small pieces of real companies | A person or a company you cannot check |
Can you check it? | Yes, on official lists | Yes, prices are public every day | Rarely. Statements come from the seller |
Best for | Emergency money and money you need soon | Long-term money you will not touch for 10+ years | Nothing. Walk away |
If you remember only one thing, remember this: a real guarantee and a high return never come together. That is not my opinion. It is how money works everywhere in the world.
The word "guaranteed" means three very different things
When someone says "guaranteed", ask yourself one question: guaranteed by whom? The answer puts the offer into one of three boxes.
Box 1: Guaranteed by a government
This is the strongest kind of guarantee there is.
In the United States, the FDIC insures bank deposits up to $250,000 per depositor, per insured bank, for each ownership category. In Malaysia, PIDM protects eligible deposits up to RM250,000 per depositor per member bank, and that limit includes both your principal and your interest. In the UK, the FSCS limit for bank and building society deposits rose from £85,000 to £120,000 on 1 December 2025.
Government bonds work in a similar way. The government promises to pay you back.
The catch? These guarantees pay the lowest returns. That is the price of safety.
Box 2: Guaranteed by a company
Insurance annuities, "capital-protected" structured products and some savings plans sit here.
The guarantee is real, but it is only as strong as the company behind it, and it often comes with conditions, lock-in periods and fees. Later in this article you will see how ordinary retirees in Hong Kong and Singapore learned this the hard way in 2008.
Box 3: Guaranteed by a person
"Trust me, I've been doing this for years."
This is not a guarantee at all. It is a sentence. Nobody is standing behind it, no insurer will pay you if it fails, and no regulator has checked the numbers. Almost every investment scam lives in this box.
A simple rule of thumb If a "guaranteed" offer pays much more than a fixed deposit or a government bond in your country, it cannot belong in Box 1. So ask: is it Box 2, with a big, licensed company you can look up? Or is it Box 3? If you cannot prove it is Box 2, treat it as Box 3. |
The 30-second math that exposes a fake guarantee
Scammers love monthly numbers. "Only 2% a month" sounds modest. It is not.
When you compound a monthly return over a year, here is what the promise really means:
Promised each month | What it means per year | Your $10,000 after one year |
1% a month | 12.7% a year | $11,268 |
2% a month | 26.8% a year | $12,682 |
5% a month | 79.6% a year | $17,959 |
20% a month | 791.6% a year | $89,160 |
Now compare those numbers with real-world results.
Warren Buffett is widely seen as one of the greatest investors in history. From 1965 to 2024, his company Berkshire Hathaway compounded at 19.9% a year. That made him one of the richest people on Earth, and it still had bad years along the way. The S&P 500 returned 10.4% a year over the same 60 years.
So when a stranger promises you a guaranteed 2% a month, he is claiming he can beat Warren Buffett, every year, with no risk, and that he has chosen to share this gift with you through WhatsApp.
A guaranteed 20% a month, which is what one Malaysian scheme promised, would turn $10,000 into almost $90,000 in a single year. If that were possible, the person offering it would own the world within a decade. He would not need your money.
The 30-second test Take the monthly promise, multiply by 12 for a rough yearly figure (the true number is higher, because of compounding), and ask one question: "Is this more than Warren Buffett's 20% a year?" If yes, and it is "guaranteed", you already have your answer. |
Why a smooth, steady return should scare you
Many careful investors are not tempted by crazy numbers like 20% a month. They are tempted by steady numbers. Something like "about 1% a month, every month, no matter what the market does."
That sounds sensible. It sounds safe. It is exactly what Bernie Madoff offered.
The Madoff numbers that looked too perfect
Madoff's fund paid small, steady monthly returns that added up to roughly 10% to 12% a year. In the period that analyst Harry Markopolos studied, 96% of Madoff's monthly reports showed a gain. Markopolos said it took him about five minutes to suspect a fraud, because real investments simply do not behave like that.
He took his concerns to the SEC in 2000 and made five separate submissions over the following years, including a 2005 report titled "The World's Largest Hedge Fund is a Fraud". Madoff was finally arrested on 11 December 2008. He later pleaded guilty and was sentenced to 150 years in prison. Thousands of people were left in financial ruin.
What real stock market returns look like
Here is the truth about the real market. Since 1926, US stocks have returned about 10% a year on average. But according to research by Dimensional Fund Advisors, annual returns landed within two percentage points of that average in only 6 of 99 years. The best year was about +54% and the worst about -43%. Stocks rose in 73 years and fell in 26.
In other words, a real investment is bumpy. A perfectly smooth line is not a sign of genius. Regulators list "overly consistent returns" as a warning sign, because the smoothest line is often the one someone is drawing by hand.
If you want to see how the real market behaves over long periods, I walk through every rolling period since 1926 in Has the S&P 500 Ever Lost Money Over 20 Years?
Real story No. 1: the Malaysian scheme that "guaranteed" 20% a month
In 2015, a self-taught trader named Johnson Lee set up a forex scheme in Penang called JJ Poor to Rich, or JJPTR.
The pitch was simple. Put in between US$25 and US$1,000. Receive a guaranteed 20% every month.
For a while, it worked. One investor told reporters he put in US$1,000 and received US$200 a month, getting his capital back in five months. Couples who got their money back topped up again. Recruiters, called "generals", signed up their friends. One told The Star she had about 100 people under her.
Then, in April 2017, the monthly payments stopped.
The company blamed hackers and said RM500 million had vanished. Police later said they had found no evidence of any hacking. Reports said the scheme had collected around RM1.7 billion. The company behind it turned out to be a "RM2 company" that had not filed any financial accounts with the Companies Commission of Malaysia. JJPTR was also on Bank Negara's Financial Consumer Alert List of entities that were neither authorised nor approved.
And here is the most heartbreaking part. Within days of the collapse, the founder announced a new plan promising 35% a month. Reports said some of the same investors were interested, hoping to win back what they had lost.
The lesson in one line The early payouts are not proof that a scheme works. They are the bait. In a Ponzi scheme, as the SEC's Investor.gov explains, "returns" are paid to existing investors with money collected from new investors. It only works until new money slows down. |
Real story No. 2: the "safe" product sold by real banks
You might think, "I would never fall for a stranger's forex scheme. I only buy from my bank."
That is what thousands of retirees in Hong Kong and Singapore thought in 2008.
For several years, banks there sold products called "minibonds" linked to the US investment bank Lehman Brothers. They paid modest interest, often around 4% to 6% a year. Reports said many buyers were told they were a safe alternative to fixed deposits. Many investors were elderly and thought they were buying plain, safe bonds.
They were not bonds at all. They were complex structured products whose safety depended on Lehman Brothers staying alive.
On 15 September 2008, Lehman Brothers filed for bankruptcy. According to the Hong Kong Monetary Authority, about 43,000 investors in Hong Kong had bought around US$1.8 billion of Lehman minibonds. In Singapore, figures from the Monetary Authority of Singapore showed about 8,000 retail investors held the Minibonds alone, and many more held other Lehman-linked notes.
One of them was Sun Kwan, a 58-year-old retired parks worker in Hong Kong. He put about HK$285,000 into a minibond paying about 4% a year. As an incentive, he was given supermarket coupons.
After years of protests, Hong Kong's distributing banks agreed to buy back the products and investors recovered a large part of their money. But many spent years of their retirement fighting for it.
The lesson in one line A guarantee from a company is only as good as that company, and a product's name tells you nothing. Always ask: if this company goes bust tomorrow, who pays me? If the answer is "nobody", it is not a guarantee. |
This is also why the structure of what you own matters so much. If you have ever worried about what happens to an index fund if the fund company itself fails, I explain it in Is Your Money Safe in an Index Fund? What Happens If a Company, or Even Vanguard, Goes Bankrupt
Real guarantees are real, but they have a hidden cost
Now let me be fair. Fixed deposits, savings accounts and government bonds are not bad. They are excellent for the right job.
Your emergency fund belongs there. Money you need in the next one to three years belongs there. If you are retired, a cash cushion of a year or two of spending can stop you from ever selling stocks in a crash.
But for long-term money, a real guarantee has a quiet enemy: inflation.
A worked example over 20 years
Imagine you have $100,000 to put away for 20 years. Assume inflation runs at 3% a year.
Choice | Value after 20 years | What it can buy in today's money |
Guaranteed 3.5% a year | $198,979 | $110,170 |
Investment averaging 7% a year (not guaranteed) | $386,968 | $214,255 |
These are illustrations, not predictions. Stocks are not guaranteed to return 7%, and some 20-year periods have been weaker. But look at the gap. After inflation, the "safe" choice barely grew your buying power at all. The riskier choice roughly doubled it.
126 years of evidence
The UBS Global Investment Returns Yearbook 2026, built on data going back to 1900, shows the same pattern over a much longer stretch. One US dollar invested in 1900 grew by the end of 2025 to:
$124,854 in US stocks
$284 in long-term government bonds
$69 in Treasury bills (the classic "risk-free" asset)
Meanwhile, prices rose about 38 times, so you needed $38 just to stand still
The guaranteed asset beat inflation, but only just. Stocks won by a mile, and they made you sit through some terrifying falls to earn it. The Yearbook notes that at the worst point of the Wall Street Crash, US stocks had fallen by about 80% in real terms.
That is the real deal on offer in this world: safety and low returns, or growth with bumps. Nobody honest can sell you growth with no bumps.
If your "safe" money is in a retirement fund like Malaysia's EPF, I compare it with the S&P 500 line by line in EPF vs the S&P 500: Should You Move Your Retirement Money? For gold, which is often sold as the "safe" alternative, see Gold vs the S&P 500: 50 Years of Returns
The "guaranteed 7%" annuity pitch: what is really guaranteed
If you are over 50, sooner or later someone will show you an insurance annuity with a "guaranteed 7%" on the brochure. This one is not a scam. Annuities are legal products from licensed insurers. But the 7% is very often not what you think.
The 7% may not be real money
Many annuities with an income rider have two numbers. One is your account value, the real money you could withdraw (minus any surrender charge). The other is an income base or benefit base, a bookkeeping number used only to work out your future income payments.
The "guaranteed 7% roll-up" usually applies to the income base, not your account value. As Annuity.org explains, you cannot withdraw or cash out the income base, and a 7% roll-up does not mean your money grows at 7%.
Read the exit door before you walk in
The New York Attorney General's office warns that variable annuities can carry surrender charges for withdrawals for 6 to 8 years or longer, annual fees that can reach 2% or more, and sales commissions that are typically above 5%. It also warns that seniors are frequently targeted by aggressive sales tactics.
Fees are not a small detail. A 2% yearly cost over 20 or 30 years can quietly take a huge share of your returns. I show the exact damage in The "Tiny" 1% Fee That Can Quietly Steal a Quarter of Your Retirement
Who stands behind the guarantee?
In the US, if an insurer fails, state guaranty associations step in, but only up to a limit. According to NOLHGA, most states cover annuities up to $250,000, measured by the present value of the annuity benefits. Above that, your protection depends on the insurer.
When an annuity can make sense
A simple income annuity can be a useful tool for some retirees who want a paycheck they cannot outlive. That is a real benefit. The key is to buy it for the right reason, understand every fee, and never buy one in a hurry.
Five questions to ask about any "guaranteed" annuity 1. Is the guaranteed rate applied to my cash value or only to an income base? 2. What are all the yearly fees, added together, as a percentage? 3. How many years of surrender charges are there, and how much are they each year? 4. How much commission does the person selling it earn? 5. If the insurer fails, how much is protected in my country or state? |
If your goal is steady retirement income, compare the annuity with other options first. I look at one popular alternative in Dividend Stocks vs Index Funds for Retirement Income: Which Pays You More? and explain a simple withdrawal approach in The Simple "4% Rule" Every Retiree Should Know
The 7 red flags regulators keep warning about
Regulators in the US, Malaysia, the UK and Singapore publish almost the same warning list, year after year. Here it is in plain English.
Red flag No. 1: a "guaranteed" high return with little or no risk
The SEC calls promises of high returns with little or no risk a classic warning sign of fraud. The SEC and CFTC have warned that words like "risk-free", "zero risk" and "guaranteed profit" are hallmarks of a fraud.
Red flag No. 2: returns that never go down
Real investments go up and down. A statement that shows a gain every single month is a warning, not a comfort. Remember Madoff.
Red flag No. 3: pressure to act now
"Only three slots left." "The price goes up on Friday." Pressure exists to stop you from checking. A good investment will still be good next week.
Red flag No. 4: the seller is not licensed
Many investment frauds involve unlicensed people or unregistered firms. The SEC says to always check whether the person selling to you is registered and licensed. You can do it free in minutes (see the table below).
Red flag No. 5: it came to you, unasked
A message from a "wrong number", a new friend online, a group chat, a free seminar with lunch. The FTC reported that in 2025, far more investment scam reports named social media as the first contact than any other method.
Red flag No. 6: a secret or complicated strategy
"A special forex robot." "Arbitrage the banks don't want you to know about." "AI trading." If you cannot explain to a friend where the profit comes from, you should not invest.
Red flag No. 7: it is hard to get your money out
Delays, new "fees" or "taxes" to release your profit, or a sudden "system upgrade". This is often the last stage before the money disappears.
One more warning: clones Scammers increasingly copy the names and logos of real, licensed firms. The Securities Commission Malaysia now marks these "potential clone" entities on its Investor Alert List. Always contact a firm using details from the regulator's official register, never the phone number in the advert or chat. |
Why smart, careful people still fall for it
If you feel tempted by a guaranteed offer, please do not feel stupid. You are in very large company.
In 2025, the FINRA Investor Education Foundation asked investors across the United States a simple question: would you invest in an opportunity that promises a guaranteed, risk-free 25% annual return every year for the next five years? Half of them said yes. Among people who sometimes follow social media personalities for financial advice, the figure was 72%.
The damage is growing fast. Americans reported losing $7.9 billion to investment scams to the Federal Trade Commission in 2025, nearly half of all reported fraud losses, up from $5.7 billion in 2024. The FBI's Internet Crime Complaint Center separately recorded about $8.65 billion in investment fraud losses in 2025. People aged 60 and over reported more than $1 billion in investment scam losses to the FTC, up 42% in a year.
And those are only the losses people reported. Many victims never tell anyone, out of shame.
Why does it work so well? Because a guaranteed offer targets the exact emotion a hurt investor feels: "I never want to feel that loss again." A scammer is not selling a return. He is selling relief.
I explain the mental traps that catch intelligent people in Why Smart People Lose Money in the Stock Market: 8 Mental Traps and How to Escape Them
The 5-minute check before you sign anything
Before you transfer a single dollar, ringgit or pound, do these five steps. They take about five minutes and cost nothing.
Turn the promise into a yearly number. Use the table above. If it is far above your country's fixed deposit or government bond rate and still "guaranteed", stop here.
Ask "guaranteed by whom?" Get the name of the legal company that makes the promise, in writing.
Check that company and the person on the regulator's official list. Use the table below. Not on the licensed list? Walk away.
Check the warning list too. Search the company name on the regulator's alert list and online with the word "scam".
Ask where your money will physically go. If you are told to pay into a personal bank account, a crypto wallet or a company that is not the licensed firm, do not pay.
Where you live | Check the seller is licensed | Check the warning list |
United States | Investor.gov and FINRA BrokerCheck | SEC investor alerts and the SEC PAUSE list |
Malaysia | Securities Commission Malaysia and Bank Negara licensed lists | SC Investor Alert List and BNM Financial Consumer Alert List |
United Kingdom | FCA Financial Services Register | FCA Warning List |
Singapore | MAS Financial Institutions Directory | MAS Investor Alert List |
Bank Negara itself points out that its alert list is not exhaustive. A company that is missing from the warning list is not automatically safe. The test that matters is whether it is on the licensed list.
Tell one person before you pay Before you sign, describe the offer out loud to someone you trust who is not involved and earns nothing from it: your spouse, a grown-up child, an old friend. Scams hate daylight. If you would feel embarrassed explaining it, that feeling is information. |
Decision flowchart: someone just offered you a guaranteed return
Save this picture on your phone. Next time someone says "guaranteed", follow the arrows.
Already handed over money? What to do in the first 24 hours
If you are reading this after you have already paid, please do not panic and do not hide it. Speed matters.
Stop sending money. Do not pay any "release fee", "tax" or "upgrade cost" to get your profit out. That is usually the next step of the scam.
Call your bank immediately. Ask if the transfer can be stopped or recalled.
Report it. In Malaysia, Bank Negara's BNMTELELINK line is 1-300-88-5465, and you can also make a police report and contact the Securities Commission. In the US, report to the FTC at ReportFraud.ftc.gov and to the FBI at IC3.gov. In the UK, report to Action Fraud and the FCA.
Save everything. Screenshots of chats, receipts, account names, websites and phone numbers.
Beware of "recovery" agents. People who contact you offering to get your money back for a fee are often the same scammers, or their friends.
Then talk to someone. Hiding a loss makes it heavier. I wrote a calm, practical guide for that conversation: How to Tell Your Spouse You Lost Money in the Stock Market. And if the worry is keeping you awake, start with Can't Sleep After a Big Stock Loss? 9 Things to Do Before You Touch Your Portfolio Again
What to do tonight: a 15-minute checklist
Look at your money in three buckets. Emergency money (in a real, insured deposit), money you need within three years (safe and boring), and long-term money (where growth matters more than guarantees).
Check your deposit insurance limits. Make sure no single bank holds more than your country's insured limit in your name.
Write down the safe rate in your country. Look up today's fixed deposit or government bond rate. That is your "too good to be true" ruler for every future offer.
Bookmark the licensed lists for your country from the table above.
Make one family rule: nobody in the family invests in anything "guaranteed" without telling one other family member first. Share this article with your parents too.
If you are rebuilding after a loss and want the boring, proven alternative to "guaranteed" promises, start with Index Funds for People Who've Been Burned: A Plain-English Guide to Starting Over. If you are worried you have left it too late, read You Lost Money in the Stock Market at 50. Is It Too Late to Retire Comfortably?
Frequently asked questions
Is a guaranteed return better than the stock market?
For money you need soon, yes: a real guarantee from an insured bank or a government protects your capital. For money you will not touch for 10 years or more, history says no. Since 1900, one US dollar grew to $124,854 in US stocks but only $69 in Treasury bills, while inflation took $38 just to stand still.
Is a guaranteed return of 10% a year possible?
Not from a genuinely guaranteed, low-risk product in most countries today. Real guarantees from banks and governments pay close to the local safe interest rate. A promised 10% or more, "guaranteed", means either a hidden risk or a scam. Ask who backs the guarantee and check them on the regulator's licensed list.
How can I tell if a guaranteed investment is a scam?
Check five things: the yearly return compared with your country's safe rate, who legally backs the guarantee, whether the seller is on the regulator's licensed list, whether the name appears on an alert list, and where your money is paid. Pressure to act fast or payment to a personal account is a strong warning sign.
Are annuities with a "guaranteed 7%" a good deal?
Sometimes, but read closely. In many annuities the 7% roll-up grows an income base used to calculate future payments, not cash you can withdraw. Check total yearly fees, surrender charges, the seller's commission and how much a guaranty scheme covers if the insurer fails. Never buy one under pressure.
Why do Ponzi schemes pay out at first?
Because early payouts are the advertising. In a Ponzi scheme, returns to existing investors are paid with money from new investors. Happy early investors recruit friends and top up. The scheme collapses when new money slows down or too many people try to withdraw, as JJPTR's did in 2017.
Is my money safe in an S&P 500 index fund?
An index fund is not guaranteed and its value will fall in crashes, sometimes by 30% to 50%. But you own real shares in hundreds of companies, prices are public every day, and the fund's assets are normally held separately from the fund company. It is risky in the short term but transparent, which is the opposite of a scam.
What should I do if a family member is pushing a guaranteed investment?
Stay calm and curious, not accusing. Ask them who guarantees it, and check the company together on the regulator's licensed list. Show them the 30-second math in this article. Many recruiters are victims too, earning commissions without realising the scheme is a fraud.
The only guarantee worth having
There is no product on Earth that pays high returns with no risk. If there were, banks would not need your fixed deposits and pension funds would not need stock markets.
But there is one guarantee you can give yourself, starting tonight: you will never again hand over money to something you have not checked. That single rule would have saved the Madoff investors, the JJPTR members and the minibond buyers.
The stock market will never promise you anything. That is exactly why it can be trusted. Its prices are public, its ups and downs are visible to everyone, and over long periods it has rewarded patient, low-cost investors far better than any "guarantee" has. As Jack Bogle taught, the simple path is usually the wise one. I share his rules in Jack Bogle's 10 Rules for Investors Who Are Tired of Losing Money
Get my free report
If you have lost money before, I wrote a free 38-page report for you: Why You Lost Money in the Stock Market (And Why It Wasn't Your Fault).
Inside, you will discover:
The real reasons most ordinary investors lose money, and why it is rarely what they think
The "safe-sounding" traps that are sold to people who have been burned
The simple, low-cost approach that lets you stop guessing and start growing again
It is free, it takes one evening to read, and it may stop you from ever needing a "guaranteed" promise again.
About the author
Stephen Loke has been a student of the market for more than 15 years. He is also an agritourism entrepreneur whose farm has been featured in Bloomberg News and Asahi Shimbun.
This article is general education, not personal financial advice. I am not a licensed financial adviser. Please check any investment with a licensed professional and your country's regulator before you invest.
Sources
U.S. SEC, Investor.gov: Updated Investor Alert for Seniors: Five Red Flags of Investment Fraud
U.S. SEC, Investor.gov: Beware Investment Offers Implying SEC Endorsement
Financial Services Commission Jamaica: warning signs of investment fraud
FINRA Foundation: Findings on Fraud Awareness Among Investors (2025)
Finance Magnates: FINRA Foundation findings on social media followers (2025)
U.S. FTC: Testimony to the Joint Economic Committee on fraud (March 2026)
SecurityWeek: FTC reports $12.5 billion in 2024 fraud losses
PPC Land: Older Americans lost $3 billion to fraud in 2025, FTC tells Congress
PBS NewsHour: Congress asks regulators for answers in Madoff scandal
Claims Journal: Documents reveal how SEC botched Madoff investigations (2009)
Dimensional Fund Advisors: The Bumpy Road to the Market's Long-Term Average
UBS Wealth Management: Global Investment Returns Yearbook insights
Free Malaysia Today: Police arrest JJPTR founder Johnson Lee (May 2017)
Free Malaysia Today: Police find no evidence of JJPTR hacking (May 2017)
Free Malaysia Today: Founder of collapsed JJPTR offers new scheme with 35% returns (May 2017)
Free Malaysia Today: JJPTR "generals" lose faith in founder (May 2017)
The Malaysian Insight: How JJPTR drew thousands of investors
NZ Herald (Bloomberg): Caught in a tidal wave of financial despair
Investor Lawyers Blog: Protesters in Asia decry Lehman losses (2008)
Hong Kong Legislative Council paper on Lehman minibonds (citing MAS figures)
New York State Attorney General: Variable Annuity Investments
iMoney: BNM Financial Consumer Alert list update and what to do if scammed
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