Seniors Victimized by Scams |
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September 04, 2003 – State securities regulators say older investors are falling victim to investment scams.
North Dakota Securities Commissioner, Karen Tyler, was among the officials who held a news conference in Washington today to alert seniors to the dangers of investment fraud.
Tyler says a volatile stock market and rising costs for insurance, drugs and basic living expenses are making older Americans a target for scam artists.
Seniors often live on fixed incomes and tight budgets. The scams promise them huge returns at a time of investor uncertainty and rising health care costs. Some target terminally ill people, offering cash up-front for their life insurance policies. Other scams involve sales of unregistered securities, bogus promissory notes and charitable gift annuities.
The president of the North American Securities Administrators Association says ``a perfect storm for investment fraud is brewing'' and says the nation's 35 million seniors are most at risk.
The organization is launching new investor education programs today to help seniors take control of their finances. A senior investor resource center is available on the organization's Web site.
(Associated Press)
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