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Utah Warns Indians of Investment Fraud

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The Utah Division of Securities has issued a warning for the American Indian beneficiaries of the $3.4 billion Cobell settlement: watch out for investment fraud, reported The Deseret News.

The state is worried recipients of the well-publicized payouts, rolling out later this year, will be targeted by investment scammers.

"Our fear is that as we've seen with other high-profile lump sum payments, shortly after the con men follow the news and they see … people getting large checks," division director Keith Woodwell told The Deseret News.

Indians receiving higher payouts—probably amounting to a few thousand dollars—should be especially cautious.

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"They will try to use names of other tribe members who are investing to talk up the credibility of the program, and they leave a trail of tears behind," Woodwell said. "People just end up out of their money."