A survey by the North American Securities Administrators Association (NASAA) shows senior investment fraud accounts for nearly 50% of all complaints received by state securities regulators. That number is up from the 2005 survey, when 28% percent of fraud reports involved the elderly.
The financial industry is littered with slick schemes that result in broken dreams for seniors who take the bait. Stories of elderly seniors losing their life savings are far too abundant. Seniors are being targeted through the internet, mail, phone, in-home visits, and free "financial seminars" specifically tailored to large groups of seniors, says Bob Webster, Director of Communications for NASSA.
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