Final approval for the class action Indian land trust lawsuit 15 years in the making came with a warning from the Securities and Exchange Commission last week as claimants and plaintiffs were asked to be on the look out for scammers.
Matt Volz of the Associated Press reported that the SEC is recommending people be on the look out for crooks trying to capitalize on payouts.
The SEC issued an alert Friday to warn those plaintiffs to watch out for investment scams. Affinity fraud – scams that target particular ethnic or religious groups – usually involves somebody pretending to be part of that ethnic group, or enlists somebody from the ethnic group to help dupe the victim, according to the SEC.
“Anytime there’s a lump-sum payout to a particular group, that can be a fairly attractive target for fraudsters,” said Owen Donley, chief counsel in the SEC’s Office of Investor Education and Advocacy.
The first settlement checks from the $3.4 billion settlement are set to go out after Sept. 26, Volz reported.
The Cobell v. Salazar class action website has all the information for possible plaintiffs, along with the full text of the final approval and the links to file a claim.
Paper claim forms must be postmarked no later than September 16, 2011, and online claims must be submitted no later than midnight (PDT) on September 16, 2011.
Tags: Cobell v. Salazar, Elouise Cobell, land trust settlment
Mark Trahant is a writer, speaker and Twitter poet. He is a member of the Shoshone-Bannock Tribes and lives in Fort Hall, Idaho. Trahant’s recent book, “The Last Great Battle of the Indian Wars,” is the story of Sen. Henry Jackson and Forrest Gerard.
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