Saturday, May 20, 2000
Savvy Strategies
Check before investing
Problem: You're approached about an investment opportunity beyond stocks and bonds, such as limited partnerships.
Strategy: Investigate before you invest — just like for anything else.
Thomas E. Geyer, Ohio securities commissioner, said the motto is no less true for limited partnerships and other investments, even though information might not be as readily available as for stocks and bonds.
His office, however, is trying to bridge that information shortfall.
“When Ohioans are approached about a particular investment, it is important to not just take the word of the person promoting it,” Mr. Geyer said.
His newly launched ERNIE database at www.securities.state.oh can tell prospective investors whether securities exemption, registration or notice filings have been made with the Ohio Department of Commerce's Division of Securities.
Ohio law requires a filing with the securities division for the initial sale of most securities in Ohio. ERNIE contains summary information about those filings and is searchable based on criteria that includes the name and address of the issuer, the date, type and amount of the offering.
Pursuant to the state record retention laws, ERNIE contains filings made for the past eight years.
But not all sales of securities in Ohio require a filing.
“The absence of a filing with our office is not necessarily a sign of illegality, but it should cause you to inquire about compliance with securities laws,” Mr. Geyer said. “Similarly, the existence of a filing in ERNIE is not a state guarantee or endorsement of the product. ERNIE should be an important part, but not the only part, of "investigate before you invest.'”
Those with further questions, or without Internet access, can call (800) 788-1194.
Readers: Consider Savvy Strategies as general information only and seek the help of professionals because circumstances might vary.
Planners: Share your unique strategies or new approaches with the Enquirer and our readers. Send your Savvy Strategies to Amy Higgins, 312 Elm St., Cincinnati, 45202 or e-mail ahiggins@enquirer.com.
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