Magox Posted June 30, 2009 Share Posted June 30, 2009 http://www.bloomberg.com/apps/news?pid=206...id=aaNw9LNyDTWg New York Firm Misled Seniors With Free-Lunch Seminars, SEC Says June 30 (Bloomberg) -- The U.S. Securities and Exchange Commission accused a New York brokerage of fraudulently selling unsuitable variable annuities to retirees lured to so-called free-lunch seminars at restaurants in Florida. Representatives from Prime Capital Services, the brokerage arm of a Poughkeepsie, New York-based tax-preparation company, persuaded elderly clients to buy annuities that charged early withdrawal fees for years beyond their life expectancy, the SEC said in a civil complaint today. One 80-year-old customer put more than three quarters of his liquid assets into an instrument that limited access for eight years, the agency said. His broker reaped $6,000 in commissions. “They used free lunches as the low-tech bait for their high-scale scheme,” SEC enforcement chief Robert Khuzami said in a statement. “These con men lured elderly and retired investors into purchasing highly unsuitable variable annuities, enriching themselves with commissions while ignoring the financial goals of their victims.” Link to comment Share on other sites More sharing options...
KD in CA Posted June 30, 2009 Share Posted June 30, 2009 the brokerage arm of a Poughkeepsie, New York-based tax-preparation company Ah yes, the 'brokerage arm' of a tax prep company. Shocking that this would be a scam. Of course, nobody seems to mind that millions of seniors and uneducated people fall for the tax prep company "Rapid Refund" scams every year. The interest rate on those would make the Gambinos blush. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 30, 2009 Share Posted June 30, 2009 My seminars for elderly investors never includes a free lunch. Just free booze. Lots and lots of free booze. Link to comment Share on other sites More sharing options...
IDBillzFan Posted June 30, 2009 Share Posted June 30, 2009 My seminars for elderly investors never includes a free lunch. Just free booze. Lots and lots of free booze. Hey. That's exactly how I get chicks to lower their standards. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 30, 2009 Share Posted June 30, 2009 Hey. That's exactly how I get chicks to lower their standards. I just take a few extra steps. Get the seniors drunks rob them blind of their investments and get rich. Voila! No need to get chicks to lower their standards. Link to comment Share on other sites More sharing options...
/dev/null Posted June 30, 2009 Share Posted June 30, 2009 My seminars for elderly investors never includes a free lunch. Just free booze. Lots and lots of free booze. What do you serve the elderly? Jack n Ensure or Metamucil Shots Link to comment Share on other sites More sharing options...
Chef Jim Posted June 30, 2009 Share Posted June 30, 2009 What do you serve the elderly? Jack n Ensure or Metamucil Shots Depends. Link to comment Share on other sites More sharing options...
/dev/null Posted June 30, 2009 Share Posted June 30, 2009 Depends. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 30, 2009 Share Posted June 30, 2009 Reminds me, years ago I was listening to a drive time radio show in LA, Mark and Brian. Can't stand them today but they had a young guy on and they were trying to fix him up with an older woman. So they had these women calling in. Had one on the line and they asked if he picked her what she would wear for the date. She said "depends." They totally !@#$ing missed it. I almost drove off the road I was laughing so hard. Link to comment Share on other sites More sharing options...
Recommended Posts