LA GRANDE – Senior citizens gathered Wednesday at the Union County Senior Center in La Grande were warned to be vigilant in their watch for telemarketing, investment and brokerage fraud.

Vincent Galindo, an investor information coordinator, said seniors are increasingly targeted by scammers.

Galindo was part of a presentation by the state Division of Finance and Corporate Fraud, which will be presented in 23 Oregon communities. Sens. David Nelson, R-Pendleton, and Ted Ferrioli, R-John Day, sponsor the tour.

“Ninty percent of victims know their scammers,” Galindo said. “It’s the people who are closest to you that you might have to look out for. That’s why I’m here in La Grande today.”

Fraud cost Oregon consumers between $300 million and $400 million in 2003, Galindo said.

Senior fraud has become more of a problem recently for several reasons: Seniors are more often home, they have more financial assets and they tend to be trusting.

Consumer information specialist Fernando Vilez, who works for the Department of Consumer and Business Services, said affinity fraud, through racial groups and church or community affiliations, involves victims who know and trust those who take advantage of them.

Vilez said reverse mortgages, sometimes called home equity loans, are one of the reasons 25 states have enacted predatory lending laws.

These loans are attractive to seniors who are “home rich and cash poor,” Vilez said.

Signs to look for in spotting potential fraud, Galindo said, are offers that look too good to be true, uninsured investments, high-pressure deals, insider tips and out-of-state calls.

Galindo advised investors to investigate the broker or business with state licensing agencies, ask questions and write down the information and look for warning signs that something may not be right.

The Division of Finance and Corporate Securities can be reached in Salem at 866-814-9710 or www.oregond fcs.org.