Program Aims to Protect the Elderly From Fraud

Federal and state securities regulators Monday announced a joint program designed to protect senior citizens from investment fraud.

The Securities and Exchange Commission has put together a new national strategy for protecting older investors and has been working with securities-industry and Florida regulators in a crackdown on misleading sales seminars for seniors offering free lunches. The program includes inspections of brokerages and promoters to detect abusive sales tactics aimed at seniors, aggressive enforcement of the anti-fraud laws and investor education for seniors.

People 60 or older make up 15% of the country’s population but account for an estimated 30% of fraud victims. With baby boomers swelling the ranks of retirees, regulators expect an increase in financial scammers.