Elderly investment fraud increases
US securities regulators have warned that investment fraud among seniors, which already accounts for nearly half of all investor complaints received by state securities regulators, could grow significantly as baby boomers turn 60.
A recent a survey released by the North American Securities Administrators Association (NASAA) found that an estimated 44% of all investor complaints received by state securities regulators are made by seniors. In addition, the survey found that 31% of all enforcement actions taken by state securities regulators involve senior investment fraud.
Seniors’ investment fraud is a serious ongoing problem which will only grow without targeted enforcement and enhanced investor education, the report said.
The NASAA survey also found that unregistered securities, variable annuities and equity-indexed annuities are the financial products most commonly involved in senior investment fraud.
