The Financial Industry Regulatory Authority on Monday warned of a phishing scam that uses counterfeit Finra e-mails to promise investors compensation from auction-rate securities settlements in exchange for personal information.

The messages are made to appear as if they originated from Finra and use language from a recent Finra press release announcing ARS settlements, Finra said.

The e-mails state that the recipient is due $1.5 million, regardless of the amount of his ARS investment or loss. The messages then seek personal information by asking for the investor's occupation, address and phone number.

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