It's nice to have a gourmet meal prepared by a celebrity chef - but $ 70,000 is too much to pay for the privilege. This is the amount of money that one elderly couple lost in an investment scheme unscrupulous. They, along with about 0 other investors "were elderly and limited resources," were coaxed into investment schemes in high-risk lunches and fancy dinners.
Milt Freudenheim discusses these free lunch scams in his New York Times Article Bad investment advice can transform an expensive free lunch.
"financial fraud is the question of the protection of consumers 1 to AARP," said Andres Castillo, who heads a program that monitors AARP seminars and similar forms free meal. In a poll AARP last year for people 55 and older, 9 percent said they had attended a free financial seminar over the last three years. This translates into about 5.9 million people, . the group said
Freudenheim quotes an official SEC saying that if someone tries to sell you something, you should ask two questions before going further: "Are you allowed "and" The product is registered? "
Freudenheim also offers resources for consumption, some of which we 'are recommended above:
- FINRA background check - a free tool to help investors research the professional backgrounds of brokerage firms FINRA registered broker and current and former
- US Securities & Exchange investor education on the Commission's website - check out brokers and investment advisers
- American Securities Administrators Association North - use the map to find your local regulator. The site has other good advice for investors and
We would also like to add: ..
The National Association of Insurance Commissioners map to the state insurance services , where you can view the agent license information
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