Issue 6, September, 2007
FEATURE ARTICLE - Maximizing Income and Assets for the Spouse at Home
HEALTHLINE - Medication Safety
LEGALLINE - Report Criticizes "Free Lunch" Seminars Aimed at Seniors
CAREGIVER HELPLINE - The Caregiver as Advocate

Report Criticizes "Free Lunch" Seminars Aimed at Seniors

During a Seniors Summit held recently at the Securities and Exchange Commission, regulators released a joint report summarizing the results of thier examinations of "free lunch" investment seminars. The year long examination was conducted by the SEC, the Financial Industry Regulatory Authority, and state securities regulators. They scrutinized 110 securities firms that sponsor sale seminars and offer a free lunch to entice attendees. Regarding the findings, SEC Chairman Christopher Cox said, "These findings are a wake up call for securities regulators, the financial services industry and especially older investors. Not only were virtually all of the "free lunch" seminars sales jobs in disguise, but half made misleading or exaggerated claims, and more than a third had unsuitable recommendations or outright fraud. The SEC and our fellow regulators intend to put a stop to this. We will step in wherever falso claims are being made. We will sanction crooks who try to feast on the life savings of older investors. And we will work with every honest securities firm to help them to do more to ensure that their interactions with older investors fully comply with the securities laws. I applaud securities examiners whose collective work has clearly shown that there is no such thing as a "free lunch".

For more on this story and a copy of the report, go to http://www.sec.gov/news/press/2007/2007-179.htm

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