William F. Galvin, Head of the Massachusetts Securities Division, declared war against deceptive financial advisers who prey on senior citizens. Massachusetts became the first state in the nation to adopt regulations governing brokers or advisers who use credentials or professional designations suggesting expertise in advising senior citizens on financial matters.…
After $134 million was found missing from the funds he managed, a flamboyant former professor is now claiming amnesia after being charged with lying to federal investigators. The U.S. Attorney’s office in Charleston, South Carolina, said Al Parish, 49, made false statements and provided false documents to the Securities and…
A study released by the NASD Investor Education Foundation, in cooperation with AARP Foundation and WISE Senior Services, looks at why certain senior investors are more likely to become victims of investment fraud. The report is called “Off the Hook Again: Understanding Why the Elderly Are Victimized by Economic Fraud…
Roel Campos, the Securities and Exchange Commissioner says that he is working on a campaign to create a simplified, prospectus-like disclosure document that would give investors clear, concise information about the performance and cost of their retirement plan assets. Campos said it was a “given” that retirees would be on…
William Francis Galvin, the Massachusetts Secretary of the Commonwealth, says that his office has set up new standards for advisers using credentials implying that they are experts when it comes to senior investors. According to Galvin, the state of Massachusetts is charging two Massachusetts annuity salesmen with using unethical and…
The NASD has issued an Investor Alert warning senior citizens regarding the risks that come with selling their life insurance policies for “senior settlements” or “life settlements”- transactions that are paid in cash. In its alert, the NASD says that while life insurance policies can be liquidated for cash, the…