The new Spanish-language Consumer Advisory warns the public about commodity futures and options scams involving foreign currency (forex), precious metals, false sales solicitations by introducing brokers, and commodity pool Ponzi schemes. While these types of scams are the subjects of several current CFTC Consumer Advisories, the CFTC is now also warning Spanish-speaking customers about such abusive practices through its new Spanish-language customer protection Advisory. The Advisory also instructs customers how to check if a company or individual they are about to do business with is registered with the CFTC and provides a list of contacts for the CFTC and other consumer protection agencies that might be able to assist customers.
Recent census data shows that the Hispanic population in the United States has increased by more than 50 percent since 1990, compared with an increase of only 13.2 percent for the total U.S. population. According to projections, Hispanics will account for the majority of the nation's population growth for the next 50 years.
The CFTC has Spanish-speaking enforcement staff available for those whose call its toll-free customer protection hotline at 1-866-366-2382 (or 1-866-FON-CFTC).
- The CFTC's Spanish-language Consumer Advisory is available on the CFTC's web site at http://www.cftc.gov/opa/opaconsumeradv0404sp.htm, and a print version is available from the CFTC's Office of External Affairs at (202) 418-5080.
