(Washington, DC) - Lawrence H. Mirel, Commissioner of the District of Columbia Department of Insurance and Securities Regulation (DISR) warns that with the United States engaged in war with Iraq and heightened warnings of terrorism, District of Columbia investors should not engage in financial decisions based on fear and panic.

Mirel offers the observation that the economy of the United States is the world’s largest and most productive, and the District of Columbia market is among the most open, transparent, and best regulated. Consequently,  Mirel is taking this opportunity to inform District of Columbia investors to beware of high-pressure pitches for non-traditional investments such as strategic metals, foreign currency, oil and gas investments or questionable companies that supposedly have products or technology to combat chemical or biological terrorism.

In the wake of the September 11, 2001 attacks, Mirel and other state and federal securities regulators warned about and took action against promoters of companies touting anthrax detectors and other “revolutionary” security-enhancing technologies. In the Year 2000, state security regulators identified con artists who tried to exploit fears to sell investments in precious metals, emergency preparedness scams, and phony technology companies

Mirel urges District of Columbia investors to:

• Hang up on aggressive cold telephone callers promoting “safe” investments such as precious metals, oil and gas schemes and to ignore tips about companies with new anti-terrorist technologies or products.
• Contact the DISR’s Securities Bureau at (202) 442-7640 to determine that both the seller and the investment are licensed and registered in the District of Columbia. If they aren’t, don’t invest.
• Before committing any funds, request written information about any investment. Be sure to carefully review it or ask a trusted financial adviser to evaluate it.
• Use common sense. “Get rich quick” promises are usually signs of securities investment fraud.

The DC Department of Insurance and Securities Regulation (DISR) has two missions, (1) to provide fair, efficient and fast regulatory supervision of the insurance and securities businesses for the protection of the people of the District of Columbia, and (2) to create conditions that will retain and attract national and international insurance and other financial businesses to the District.