Money Monday: Avoid Investment Fraud

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Scams Don’t Care Who You Are 

With the NFL draft just days away, many players look forward to becoming instant millionaires, but if you have money one day, it isn’t promised you’ll have it the next. “I’m in hell,” former Cincinnati Bengal Terrell Owens told GQ magazine. In just 16 years, the 38-year-old had spent nearly all of the $80 million he made during his career and owes $44,600 a month in child support for his four children. Some may question how someone can go broke so quickly without knowing, and in the case of Owens it’s because of his financial advisors. Your net worth can make you the target for investment scams and with the help of the U.S. Securities and Exchange Commission, BET.com breaks down how to avoid fraud. — Danielle Wright

(Photo: AP Photo/Don Wright, File)

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