You may not know it, but criminals have hijacked some college savings plans, or 529 plans. In fact, under the laws that exist today, some of the things they are doing are actually legal. In the rules that established 529 plans, there was no rule stating that companies tell you how much the plans cost to invest. So, the scum of the population decided they would take advantage of this oversight. They started using commissioned sales people to steal the money consumers have put aside in these accounts for their kids’ college. Here’s the awful punch line. The plans require sponsorship from state governments. But the governments are busy that these plans are often handed over to someone who doesn’t have much knowledge about he world of finance or time to investigate companies administering the plans. So, these dishonest characters enter the picture and dupe the state into allowing them to sell college savings plans. It all seems legitimate because people hear, “Sponsored by your state government,” and they buy in. So, how do you know if the plan you opened is legitimate or not? If you bought from a commissioned salesperson or stockbroker, the plan you have could be dirty. Buying form a commissioned sales person means someone else is handling it for you, and that is risky. The SEC is looking into these corrupt plans, and we’ll keep you posted on what they find. Clark hopes the government realizes it should start telling people how much it costs to be in one of these plans. That would be a start. In the meantime, check out Clark’s Honor Roll and 529 guide. These are legitimate plans, and you don’t have to put money in your own state’s plan. If you’re in a plan other than the ones on Clark’s Honor Roll, go to savingforcollege.com and find out what you are paying. That site details the expenses of each plan. It’s a perversion of the system that these crooks are taking your money and using it to line someone else’s pockets.