The Securities and Exchange Commission has nothing against free lunches for seniors, provided they don’t come with pitches for unsuitable investments for dessert. SEC Chairman Christopher Cox told the Consumer Federation of America conference that the agency is going to take a closer look at broker and advisers that hold lunch seminars for the elderly.
“If we find that instead of a legitimate sales seminar and a free meal, seniors are being exposed to pitches for unsuitable products, with high-pressure sales tactics and wild claims about projected returns, and no disclosure of the actual risks of the investment,” Cox said, “we’ll move in hard and fast.”
He pointed out that seniors need special care because if they become victims of fraud, “they may not have the time to recoup their losses.”
