FINRA, SEC, and NASAA Announce New Initiative for Protecting Senior Investors

The Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), and the North American Securities Administrators Association (NASAA) have announced a new group initiative to protect senior investors from becoming the victims of investment scams.

SEC, NASAA, and FINRA will work with investment advisers and broker-dealer companies to identify effective compliance and supervisory practices involving senior investors. Areas of exploration will include:

• Opening accounts • Training company employees • Marketing practices • Advertising practices • Review of products and accounts • Fulfilling the evolving needs of aging investors • Regularly reviewing products

Discoveries will be published so that all firms can learn how to implement the most effective and cutting edge practices to better serve senior investors and combat senior investment fraud.

These latest steps are part of a broader initiative, started by SEC, FINRA (previously NYSE and NASD), and NASAA in 2006 to protect elderly investors from fraud. Efforts have included enforcing securities laws, targeted exams, and actively educating elderly investors.

Since 2006, there have been a number of enforcement actions brought against firms and their employees who have taken advantage of senior investors. Our stockbroker fraud law firm is committed to helping elderly investors recoup their losses. We have helped thousands of fraud victims recover their money.

Contact Shepherd Smith and Edwards today.

Related Web Resources:

SEC, NASAA and FINRA Announce New Steps to Help Protect Senior Investors, February 8, 2008
Protecting Senior Investors: Report of Examinations of Securities Firms Providing “Free Lunch” Sales Seminars, (PDF)

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