It’s most unfortunate that senior citizens find themselves being targets for many companies which prey on them. It has been said that the current landscape facing senior investors is littered with slick schemes and broken dreams. Sadly, individuals from 60 and older – who make up 15% of the nation’s population – account for 30% of fraud victims. With “Baby Boomers” – like Presidents Bush and Clinton – turning 60 this year, securities regulators are deeply concerned that investment fraud among seniors could grow significantly in coming years. As Alabama’s top securities regulator, Joseph P. Borg, is on top of this area of concern. Joe has prepared a 525-word opinion article outlining the steps that state securities regulators nationwide are taking to ensure that Seniors’ golden years are not tarnished by investment fraud. In his capacity as Alabama’s top securities cop, Joe made this observation:
Con artists have emerged from the side streets and back alleys to Main Street where older investors live. They know that retirees are living longer and are facing greater responsibility for their financial security. As a result, Seniors are being flooded with pitches for investment seminars; many of them promising a free meal along with “little or no risk and higher returns.” Unfortunately, in many of the cases that we see, it’s just the opposite: high risk and no returns, just disastrous losses.
The current landscape facing Senior investors is littered with slick schemes and broken dreams. A survey by the North American Securities Administrators Association (NASAA) shows that nearly half of all investor complaints received by state securities regulators come from Seniors and one-third of enforcement actions taken by state securities regulators involves Senior investment fraud.
I encourage all our readers to get a copy of Joe’s opinion. Alabama citizens are fortunate to have a dedicated person such as Joe Borg heading up our state’s regulatory agency. In turn, Joe is also blessed to have an outstanding staff working with him and that’s good news for Alabama citizens. To learn more about how to protect yourself or a loved one from senior investment fraud, you can visit the online Senior Investor Resource Center at http://www.nasaa.org/Investor_Education/Senior_Investor_Resource_Center.
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.