Investors should be aware of self-directed IRA fraud, regulators warn

09/23/2011 | AdvisorOne

The North American Securities Administrators Association and the Securities and Exchange Commission are warning investors about a recent rise in reported or alleged fraudulent investment schemes that featured self-directed individual retirement accounts. Investors should carefully examine investments, the regulators said in an alert. "Investors should understand that the custodians and trustees of self-directed IRAs may have limited duties to investors, and that the custodians and trustees for these accounts will generally not evaluate the quality or legitimacy of an investment and its promoters," the alert says.

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