Your weekly ScamWatch

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Here’s a weekly roundup of alleged cons, frauds and schemes to watch out for:

‘Guaranteed’ trouble: Watch out for ads that appear too good to be true. Federal prosecutors have charged Richard Nickles of Irvine with operating a Ponzi scheme in which victims lost $6.2 million. Nickles attracted customers through advertisements in the Los Angeles Times and Orange County Register that said any money invested with his company, Innovative Advisory Services Inc., was “U.S. government guaranteed” or “FDIC insured.” Prosecutors say no such guarantees existed. The U.S. attorney’s office has charged Nickles, 57, with mail fraud and securities fraud. He has been in federal custody since July 9. Back-to-school blues: College students need to take steps to avoid becoming victims of identity theft, according to an advisory by the Better Business Bureau. The safeguards include: having sensitive mail sent to a secure address, such as the parents’ home, instead of a dorm; keeping important documents in a locked filing cabinet; shredding sensitive financial documents before throwing them out; and checking credit reports at least once a year for suspicious activity.

DIY loan mods: The Better Business Bureau suggests that consumers having difficulty making automobile loan payments contact lenders directly and ask to negotiate lower monthly payments themselves rather than employing a loan modification service. Companies that offer to negotiate lower payments charge fees that often “end up pulling many borrowers deeper underwater,” said Alison Southwick, a bureau spokeswoman.

Satellite TV warning: Each year, the Better Business Bureau receives numerous complaints from consumers upset about unexpected charges on satellite television bills. The agency suggests that consumers read contracts carefully before signing up for satellite television service. Among the common complaints: early termination fees of hundreds of dollars and charges for services they didn’t order.

-- Stuart Pfeifer