Regulators target fraud against older investors

US regulators, stepping up efforts to rein in securities fraud involving seniors, found that more than a third of "free lunch" seminars aimed at older Americans focused on unsuitable or fraudulent investments.

The Securities and Exchange Commission, the Financial Industry Regulatory Authority and state regulators said in a report released yesterday 50 percent of the 110 securities firms investigated made exaggerated claims at the meetings, including promises of adding $100,000 to participants' net worth.

Twenty-three percent of the firms offered inappropriate advice, and 13 percent may have committed fraud, the regulators said.

"The stakes for our investor-protection mission couldn't be higher," SEC chairman Christopher Cox said yesterday at a meeting of federal and state regulators to discuss ways to protect the elderly from fraud.Why Is Apple Slimming Down Os
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