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Money, Insurance & Investments for Seniors
SEC Opens Senior Summit Today to Fight Fraud of
Older Americans
Agency also provides lots of helpful info on senior
citizen Website
Sept. 10, 2007 - The Securities and Exchange
Commission kicked off its second annual Senior Summit today, which is
aimed at learning more about how regulators, community organizations,
and others can increasingly coordinate efforts to protect older
Americans from abusive sales practices and investment fraud.
Senior citizens have become the prime target for
scam artists, according to SEC Chairman Christopher Cox. Approximately 5
million senior citizens succumb to financial abuse each year, according
to the SEC.
Americans are living far longer than ever before.
As the Baby Boomers reach retirement age, more than 10,000 Americans are
turning 60 every day and the net worth of older Americans is growing
to historic proportions. That has made seniors the prime targets for
scam artists and securities swindlers, Cox said.
So the SEC is attacking the problem of senior
fraud from all angles, with aggressive enforcement efforts, targeted
rules and examinations, and investor education focused not only on
seniors but their caregivers and pre-retirement workers as well.
Our Seniors Summit will bring together regulators,
law enforcement officials, and community groups from around the nation
to join forces in protecting older Americans from investment fraud,
Chairman Cox added.
Chairman Cox noted that the SEC has brought more
than 25 enforcement actions during the past year aimed specifically at
protecting elderly investors. Many of these were coordinated with state
authorities.
Cox also noted that the SECs nationwide
examination and inspection program plays a critical role in protecting
seniors by conducting targeted examinations to detect fraud and other
violations of securities laws.
Furthermore, the SEC has devoted a portion of its
Web site specifically to senior citizens (http://www.sec.gov/investor/seniors.shtml),
linking to detailed warnings about common scam tactics and other
critical information about investments that are commonly marketed to
seniors.
The Seniors Summit will take place in the
Auditorium at SEC Headquarters, 100 F Street, N.E., Washington, D.C. The
agenda, panelists, and registration instructions for the Seniors Summit
will be announced at a later date.
AARP, the Financial Industry Regulatory Authority (FINRA),
and the North American Securities Administrators Association (NASAA)
will be other leading participants at the Seniors Summit.
For Seniors
For the latest information at the
SEC site -
http://www.sec.gov/investor/seniors.shtml
Whether you are nearing or already enjoying retirement,
it pays to stay on top of your finances. Nearly one-third
of all U.S. investors are between 50 and 64 years of age,
and approximately 5 million senior citizens succumb to
financial abuse each year.
Thats why the SEC is holding its second annual
Seniors Summit
in September 2007 and why we've assembled the following key
resources and links for investors: |
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Investing Wisely
Seniors Care Package
You've worked hard for your money, now let us
help you. For a free "Care Package" of useful
publications that can help you make wise
investment decisions,
click here.
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Products to Know About
Calculators and Other
Resources
Seniors Events
The Commission's initiative to protect the
nation's senior investors includes investor
education and outreach programs. To learn about
recent and upcoming events,
click here.
Need Help?
If you have questions about a securities related
topic,
check here
first.
If you still need help,
contact us.
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