WASHINGTON — When the economy is in the dumps, scammers and con artists ride high, selling the promise of quick riches. By some estimates, as many as 30 million Americans a year — many of them elderly — fall victims to scams. Tom Arnold was a master-persuader, making millions selling supposedly-rare coins over the phone; constantly telling investors their coins were skyrocketing in value. ”If there’s a new president, the coins went up,” Arnold said. If it was snowing, the coins went up because that means more people bought them.” Arnold, talked to AARP’s Doug Shadel, who has written a new book called, “Outsmarting the Scam Artists.” Shadel told ABC News if it’s the real deal, it can wait. “I think the number-one piece of advice is never decide to buy something at the time you hear a sales pitch,” he said. Con men get victims so worked up, emotions trump reason. His advice: Never buy during the pitch. “Think before you act,” he said.
Monday, March 26, 9 a.m.
