| Page 2 of 2 < |
Firms Faulted Over Misleading Seniors At Investing Events
|
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
? Exaggerated or misleading claims showed up in about half of the 110 inspections.
? Recommendations for unsuitable investments were found in 23 percent of them.
? Thirteen percent showed apparent instances of fraud, such as liquidating accounts without a customer's knowledge or consent, or selling bogus investments.
The "free lunch" seminars are one of several areas being examined by regulators and lawmakers involving practices that can drain older Americans' retirement savings.
People 60 and older make up 15 percent of the country's population but account for an estimated 30 percent of fraud victims. With baby boomers swelling the ranks of retirees, regulators expect an increase in financial scams targeting them.
In the past two years, the SEC has brought more than 40 enforcement cases involving alleged fraud against seniors, many in coordination with state authorities. In addition, FINRA, known until recently as the National Association of Securities Dealers, has filed cases against a number of brokerage firms and individual employees.
