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ADDITIONAL OFFERS AND FRAUDULENT SCAMSWith about 75 million Americans turning 60 over the next 20 years. Additional offers to sell investments to this group are increasing daily. Law-enforcers at the Securities and Exchange Commission and State agencies have expressed increased concern about retirees being targeted for bogus or unsuitable investment schemes. Scam artists will swarm like locusts over this increasingly vulnerable group because that's where the money is. These Con Artists will sell a loan consolidation scam or a lending scam to the elderly. These deals and other crimes committed by these advisor's can cause a senior to even lose their home as well as all or part of their life savings. Recently, the SEC has moved to identify financial-services firms that it says seek out seniors in states with big elderly populations, like California and Florida. Households led by people age 40 or older own 91% of Americans' net worth, according to the SEC. Baby boomer's' impending retirements mean that most of that money will soon be in retirees' hands, setting up a perfect opportunity for swindlers.
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Scam Artists dupe the elderly with both legitimate products and out-and-out fraudulent ones, regulators say. With the first 'Baby boomer's' turning 60 in 2006. State securities regulators warn that investment fraud among seniors, which already accounts for nearly half of all investor complaints received by state securities regulators, could grow significantly. While many cases of senior investment fraud may not make national headlines, they are devastating in their impact to the victims and their families. A recent survey was released which found that an estimated 54 percent of all investor complaints received by state securities regulators are made by seniors.
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