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Southwest Gas Holdings Employees: Stay Informed About the Rising Threat of Online Investment Scams

If you work for Southwest Gas Holdings, you have likely read news articles and other financial information about your workplace online. As investors become more dependent on the internet, fraudsters can take advantage of those searching for information on the web through social media. The FBI estimates that senior citizens lose more than $3 billion each year to financial scams including romance scams and lottery and sweepstakes scams. This is supported by the CSN Data Book 2020, which states that fraud-related losses in 2020 will exceed $3.3 billion, an increase of nearly $1.5 billion over 2019. As the worldâs population continues to age, this number is only likely to rise. Fraudsters are currently utilizing these public platforms to quickly, cheaply, and easily reach large numbers of individuals.

In addition, as a result of the abundance of resources, fraudsters can now post information that appears to be remarkably clear and credible. In light of this, the SEC's Office of Investor Education and Advocacy advises investors to maintain skepticism and avoid acting solely on the basis of information obtained from social media or other apps. Southwest Gas Holdings employees who wish to avoid a scam should be aware that fraudsters disseminate false information anonymously, using the credentials of others, fake profiles, and even impersonating legitimate sources, making it difficult to track and hold them accountable. These individuals frequently spread inaccurate, misleading, or insufficient information. The entries convey a false sense of legitimacy, typically creating the impression that a large number of people are purchasing an investment in order to make it appear attractive to the victim. There are countless schemes that con artists use to defraud online investors. Here are a few cons that Southwest Gas Holdings employees should avoid:

Fraudulent Imitation Schemes:

Fraud (46,3%) and identity theft (29.4%) comprise the majority of FTC complaints. With nearly 500,000 total reports, imposter schemes are the most common type of fraud. These losses totaled nearly $1.2 billion, with an average loss of $850. 'Government documents or benefits fraud' was the most common type of identity theft, with over 400,000 reported cases.

Scammers frequently impersonate banks, brokers, investment advisors, and other reputable sources of market information. From 2019 to 2020, reports of fraud and identity theft increased by 47%. Fraudsters are able to obtain a client's information by creating an account resembling a specific individual or company, web pages with a legitimate company's logo, and comments that direct clients to a bogus website. When receiving information through social media, it is essential for Southwest Gas Holdings employees who wish to avoid becoming victims of fraud to verify the source's identity. Checking the sender's account name, profile, email address, and screen name is the first step in validating their identity.

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When contacting a company or visiting their website, you may want to review the company's SEC filings to ensure that the contact information and website address are legitimate. You can independently verify an advisor or broker's information using the phone number or website listed in their associated firm's Client Relationship Summary (Form CRS). Those working for Southwest Gas Holdings may be able to identify a reliable source by paying attention to a platform's verification methods, such as Twitter's verified blue check mark. On social media, fraudsters have been known to impersonate SEC employees. At www.sec.gov/opa/socialmedia, you will find a list of verified SEC accounts. In addition, there have been instances of fraudsters hacking into a victim's device and contacting their contacts; therefore, if you receive information about an investment opportunity from someone in your contacts list, be sure to contact them in person before making any financial decisions.

Fraudulent Cryptocurrency Investments

The annual number of reported scams in the cryptocurrency industry is enormous. Regulators frequently assert that cryptocurrency frauds are predictable, but Southwest Gas Holdings employees should trade with caution. Several factors make the cryptocurrency market susceptible to fraud. Due to the nature of fiat currencies, neither banks nor centralized agencies are available to flag suspicious transactions and prevent fraud before it occurs. Transactions in cryptocurrencies are irreversible; if money is lost, it cannot be recovered, even if the user reports fraud. In recent years, cryptocurrency has received a great deal of attention, and fraudsters are now using investors' fear of missing out on investment opportunities to lure them into scams.

A 'crypto' investment opportunity that promises unusually high returns to Southwest Gas Holdings employees is likely fraudulent. The promise of risk-free, unlimited returns is a staple of 'crypto' online scams. Fraudsters frequently depict accounts with instantaneous value increases and fabricate a list of historical returns to increase the appeal of their schemes to investors. Prior to engaging in transactions, Southwest Gas Holdings employees who are considering a 'crypto' investment must review how the investment works, ask questions, and conduct a background check on those offering the opportunity for licensing and registration.

Romance Fraud

In 2023, the FBI anticipates an increase in reported financial loss due to a rise in international romance-related crypto investment fraud. Similar to an online relationship, the con artist convinces the victim to invest in cryptocurrency rather than cash. On dating apps and social media platforms, fraudsters are increasingly impersonating individuals with deceptive intentions while concealing their identities. Southwest Gas Holdings employees should be aware that these scams typically function by establishing an online relationship with the victim and gaining confidence/trust. Once the relationship has been established, the fraudster informs the victim of a 'once in a lifetime' investment or trading opportunity involving cryptocurrencies. The victim is then pressured to invest money on a fraudulent website and is unable to withdraw their funds. The fraudster then ceases communication with the victim and the victim is unable to recover the money.

Schemes to Manipulate the Market

Those working for Southwest Gas Holdings must also consider how fraudsters' dissemination of false information can affect the price of a legitimate stock or cryptocurrency. Fraudsters may promote an investment while posing as another individual and create new accounts designed specifically for the fraud while concealing their true identity. In light of this, it is essential to verify the posting history and original content of an account. Southwest Gas Holdings employees should be aware of the following schemes that rely on the dissemination of false information: pump and dump, scalping, and touting.

Pump and dump schemes inflate the price of a stock artificially by creating deceptive statements that incite a buying frenzy, followed by the sale of shares at the inflated price. Scalping entails recommending a stock to increase its price, then selling it for a profit. Touting entails promoting a stock without disclosing compensation for doing so. In other instances, fraudsters spread negative rumors on social media that generate fear, uncertainty, and doubt (FUD) to drive down the price of a stock or currency, which they then purchase at a discount. Therefore, Southwest Gas Holdings employees should exercise extreme caution when purchasing stock in a company that is constantly promoted despite having no products or services to justify its value. Regardless of the sender, it is also essential to maintain a healthy level of skepticism regarding investment-related posts, messages, emails, and other unsolicited communication.

Fraudulent Community-Based Investment

Fraudsters are also known to exploit online communities, specifically targeting groups with shared characteristics such as age, ethnicity, nationality, religion, and sexual orientation. These cons take advantage of the trust and bonds within a community in order to defraud multiple people simultaneously. By mail or in person, fraudsters contact the leaders of these communities about a scheme. After persuading them, they recommend the same to other members without realizing that the proposed investment is fraudulent, deceiving an entire group of people. Southwest Gas Holdings employees can avoid being duped by conducting a background check and searching the individual's name on investor.gov.

When presented with an online investment opportunity, Southwest Gas Holdings employees must be aware of what is being offered and with whom they are dealing due to the internet's vast array of scamming opportunities. When searching for financial information online, it is essential to conduct your own research, conduct background checks on individuals, and verify the website's credibility. Before investing, it is essential to research a company's publicly available information and become familiar with its business. When protecting themselves from fraud, Southwest Gas Holdings employees must also avoid being pressured into financial transactions and refrain from following groups into trendy investments. Taking these factors into account, Southwest Gas Holdings employees should seek out a legitimate financial advisor to avoid falling victim to an investment scam. The Retirement Group caters to your personal financial needs and develops a customized plan to ensure a secure and comfortable retirement through proper financial planning.

Reference(s):

https://www.sec.gov/oiea/investor-alerts-and-bulletins/social-media-and-investment-fraud-investor-alert
https://www.comparitech.com/identity-theft-protection/senior-scam-statistics/
https://www.analyticsinsight.net/top-ten-cryptocurrency-frauds-of-2023/
https://www.fbi.gov/contact-us/field-offices/jacksonville/news/romance-scammers-targeting-victims-with-fake-crypto-investments#:~:text=In%202023%2C%20the%20FBI%20anticipates,victim%20to%20investment%20in%20cryptocurrency .

How does the Southwest Carpenters Pension Plan accommodate changes in benefits for employees who have been affected by the COVID-19 pandemic, and what specific provisions have been implemented to ensure continuity of pension credit during such interruptions? Employees of the Southwest Carpenters Pension Plan are particularly encouraged to review how these provisions may impact their retirement plans and benefits, especially given the unprecedented circumstances of the pandemic.

The Southwest Carpenters Pension Plan accommodated changes due to COVID-19 by extending various deadlines for participants, such as the 12-month deadline to apply for pension credit for periods of disability, and other deadlines regarding claims and appeals. These extensions were applied from March 1, 2020, to a period of up to one year after the original deadline or 60 days after the end of the COVID-19 national emergency, ensuring continuity of pension credit during the pandemic interruptions(Southwest Carpenters Pe…).

What enhancements to pension benefit calculations have been introduced for the years following January 1, 2021, under the Southwest Carpenters Pension Plan, and how do these changes affect participants working more than 1,800 hours? This question emphasizes the implications of increased benefit accrual rates and the actual processes employees must follow to calculate their pensions effectively.

Enhancements to pension benefit calculations effective January 1, 2021, under the Southwest Carpenters Pension Plan include an increase in the monthly benefit accrual rate for participants working 1,800 hours or more. The rate increased from $100 to $200, and for those working more than 1,800 hours, a maximum benefit accrual rate of $244.44 was introduced(Southwest Carpenters Pe…).

In the context of the Southwest Carpenters Pension Plan, could you explain the eligibility criteria for receiving a Service Pension and how employees can accumulate the necessary Pension Credits more quickly? This consideration is vital for members who wish to understand the retirement options available to them and the strategies they might employ in their careers to maximize their benefits under the Southwest Carpenters Pension Plan.

Employees of the Southwest Carpenters Pension Plan are eligible for a Service Pension after earning 30 years of Pension Credit. Additional Service Pension Eligibility Credit was introduced, allowing employees working over 1,800 hours annually to accumulate credits more quickly, up to a maximum of 2,200 hours(Southwest Carpenters Pe…).

How do temporary disability benefits interact with the accumulation of Pension Credits within the Southwest Carpenters Pension Plan? Specifically, employees may have questions about how their working history and service time might be affected should they take leave for health-related reasons, highlighting the intricate balance between pay and benefits during challenging times.

Temporary disability benefits under the Southwest Carpenters Pension Plan allow participants to accumulate Pension Credits during non-working periods if they are on short-term disability or receiving workers' compensation. Pension Credits can be granted for up to 1,200 hours annually, depending on the nature of the disability and employment history(Southwest Carpenters Pe…).

What are the implications of the revised definitions under the Required Beginning Date as specified by the Southwest Carpenters Pension Plan, particularly in compliance with the SECURE Act (Setting Every Community Up for Retirement Enhancement Act)? Employees should understand how these legislative changes affect their retirement strategies, especially in light of penalties for failing to comply with mandatory commencement dates.

The Required Beginning Date for the Southwest Carpenters Pension Plan was revised to comply with the SECURE Act. Participants born on or after July 1, 1949, must begin receiving benefits by April 1 of the calendar year following the year they turn 72. Failure to comply with this could result in a 50% excise tax(Southwest Carpenters Pe…).

How can employees of the Southwest Carpenters Pension Plan navigate the process for applying for pension credit during periods of Temporary Disability, and what specific documentation is required? This inquiry encourages a deeper understanding of protocol surrounding disability applications and the associated benefits that participants are entitled to under the Plan.

Employees applying for pension credit during periods of Temporary Disability must submit a written application within one year of the onset of the disability, and provide documentation such as state-approved short-term disability certification or workers' compensation benefits(Southwest Carpenters Pe…).

What are the implications of the retroactive increases to the Southwest Carpenters Pension Plan benefits aimed at participants who accrued credit during the years 2011 to 2020, and how can affected employees determine their eligibility for said increases? Employees often seek clarification on how historical contributions can manifest in current benefits.

Retroactive increases to the Southwest Carpenters Pension Plan benefits for the years 2011 to 2020 apply to participants who worked at least 1,000 hours in 2020 or under specific collective bargaining agreements. A 50% increase in benefit accrual rates was applied to these years, and eligible employees can determine their eligibility based on their hours worked(Southwest Carpenters Pe…).

What role does the Southwest Carpenters Administrative Office play in assisting employees who have questions regarding modifiability in their pension plans, and what are the best methods for contacting them for assistance? This question highlights the importance of communication within the organization concerning employee inquiries and issue resolution.

The Southwest Carpenters Administrative Office assists employees with questions regarding modifications to their pension plans. Participants can contact them at (213) 386-8590 or (800) 293-1370 for personalized assistance(Southwest Carpenters Pe…).

Can you detail the factors influencing the Benefit Accrual Rate for participants of the Southwest Carpenters Pension Plan for the calendar years after 2021, and how might employees calculate their expected pension benefits? Participants will want to understand the nuances of how their benefits are computed to make informed decisions regarding their retirement planning.

The Benefit Accrual Rate for participants of the Southwest Carpenters Pension Plan after 2021 increased to $200 for 1,800 hours worked, with higher accrual rates for additional hours. Employees can calculate their benefits by multiplying their benefit accrual rate by the applicable benefit factor(Southwest Carpenters Pe…).

In the event of legal actions regarding benefits under ERISA against the Southwest Carpenters Pension Plan, what venue restrictions apply, and what does this mean for participants seeking resolution in disputes? Employees need to be informed of the legal frameworks governing their benefits and understand their rights and the procedures that affect their claims within the Southwest Carpenters Pension Plan.

Legal actions regarding benefits under ERISA against the Southwest Carpenters Pension Plan must be filed in Federal District Court in Los Angeles County, California. This venue restriction defines the jurisdiction where participants must file claims(Southwest Carpenters Pe…).