Director of Commerce Donna Owens today announced the Investor Bill of Rights, a 10-point declaration that can help individual investors guard against becoming a victim of securities fraud and abuse. The announcement was made at the Lakewood Senior Center West.

As Director of the Ohio Department of Commerce, Owens oversees the Division of Securities which regulates the sale of securities in Ohio.

"As more and more people invest in securities every day, the individual investor needs to know that they have certain rights that can protect them from fraud and abuse," Director Owens said. "In light of the recent ups and downs on Wall Street, all investors should be aware of the information and the services they are entitled to concerning their securities portfolio."

According to the Investor Bill of Rights, individuals have the right to:

1. Ask for and receive information from a firm about the work history and background of the person handling your account, as well as information about the firm itself.

2. Receive complete information about the risks, obligations, and costs of any investment before investing.

3. Receive recommendations consistent with your financial needs and investment objectives.

4. Receive a copy of all completed account forms and agreements.

5. Receive account statements that are accurate and understandable.

6. Understand the terms and conditions of transactions you undertake.

7. Access your funds in a timely manner and receive information about any restrictions or limitations on access.

8. Discuss account problems with the branch manager or compliance department of the firm and receive prompt attention to and fair consideration of your concerns.

9. Receive complete information about commissions, sales charges, maintenance or service charges, transaction or redemption fees, and penalties.

10. Contact your state securities agency in order to verify the employment and disciplinary history of a securities salesperson and the salesperson's firm; find out if the investment is permitted to be sold; or file a complaint.

"These 10 points can be summarized rather simply: This is your hard earned money. You are entitled to protect it," the Director said.

In addition to announcing the Investor Bill of Rights, Director Owens encouraged Ohioans to use the division's Investor Protection Hotline. The Hotline (1-800-788-1194) assists prospective investors before they invest and also helps investors with concerns after a securities transaction has been completed.

Through the hotline, investors are able to check to see if their securities salesperson or brokerage is licensed to sell securities in Ohio and if there are any disciplinary records against them. In addition, a prospective investor can also check to see if a security being offered is properly registered with the State of Ohio.

Securities Commissioner Thomas E. Geyer provided tips for investors. "There are a few simple words to live by when it comes to investing. The one that we can use in all our financial decisions is 'If it sounds too good to be true, it probably is.' A healthy degree of skepticism can protect us from a lot of headaches and a lot of heartaches."

Commissioner Geyer also encouraged investors to be on guard against telemarketing fraud. "Don't be seduced by someone you don't even know telling you about 'can't miss' deals' and 'guaranteed returns,'" he said. "Remember, you did not ask them to contact you. If they pressure you, it's ok to hang up!"

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