By
The Associated Press
.
Published: Mon, September 10, 2007 - 10:11 am
Last Updated: Mon, September 10, 2007 - 1:55 pm
AP-AL--Senior-Fraud,0145Probe of 'free lunch' seminars for seniors finds fraud
(Stations: Alabama NOTE.)
WASHINGTON (AP) - State and federal regulators say some of those
"free lunch" educational investment seminars aimed at seniors are
little more than a cover for high-pressure sales pitches.
And an investigation also finds misleading claims for unsuitable
financial products, and even outright fraud.
A report being made public today says a lot of the blame falls
on investment firms for failing to properly supervise the employees
who put on the seminars, which they're required, by law, to do.
The Securities and Exchange Commission, state regulators and the
securities industry's self-policing organization, the Financial
Industry Regulatory Authority, covered seven states that have large
numbers of retirees. Besides Florida, they are Alabama, Arizona,
California, North Carolina, South Carolina and Texas.
People 60 and older make up 15 percent of the country's
population but account for an estimated 30 percent of fraud
victims.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
AP-NY-09-10-07 0751EDT
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