Most of us are aware that seniors are a target for many scams. Seniors (and even older boomers) are often considered naive, and sometimes are. They are too trusting. There are so many changes in technology, so many changes in Medicare and Medicaid, just so many things to think about - that we often look to experts for help. As we should. The problem comes when we pick the wrong experts.
An Associated Press story points out problems with some of the "too good to be true" financial "advice" that is becoming a plague in our society. It was always out there, but this scamming is escalating as our senior population grows.
Mary Gordon, AP Business Writer offers up a good piece on this topic. Gordon begins:
"An investigation by federal and state regulators of "free lunch" investment seminars aimed at seniors has found high-pressure sales pitches masquerading as educational sessions, pervasive misleading claims for unsuitable financial products, and even fraud.
Much of the blame goes to investment firms for failing to properly supervise their employees who put on the seminars for seniors, according to the report of the investigation being made public Monday. By law, the sales pitches made at the seminars and the materials provided to participants must be approved by a brokerage or investment firm's supervisors."