EL PASO, Texas - Two local investment firms are under investigation by the El Paso Police Department's Financial Crimes Unit for fraudulent investments.
Investigators said Stock Market Investments and Del Carpio Holdings Group scammed hundreds of people in El Paso, Juarez and Chihuahua out of money.
Police have not released any names or an exact amount of money involved.
The alleged scams date back to 2010 when SMI and Del Carpio Holdings Group reportedly accepted investors' money for trading purposes.
ABC-7 spoke with a representative from Lauterbach Financial Advisors, who said those who are looking into investing should do some research before writing a check.
David Lindau said one should not be asked for money up front from and advisor.
"If you are dealing with a real financial advisor you are going to have your investments held with an independent custodian," said Lindau.
If the deal sound too good to be true, then it probably is, said Lindau.
"Don't invest in anything you don't understand. If the financial advisor can't explain to you how it works, don't do it," he said.
The website found for Del Carpio Holdings Group is all in spanish.
Marketing representative for Lauterbach, Miguel Gomez said the company could possibly target a certain type of client.
"If it (website) looks complex, that's what they want people to feel that these guys are experts and they know it all," said Gomez.
The website referred to a man by the name Roberto Del Carpio as the person who developed what the company considers an exclusive system to track the stock market.
ABC-7 also discovered the website's domain name is registered to an Angel Orozco, with an El Paso address.
The El Paso Police Department is asking for victims to come forward.
If anyone knows the whereabouts of the people associated with SMI or Del Carpio Holdings Groups, contact police or Crime Stoppers of El Paso.