In Laws Take On Financial Scams Against Seniors, Jennifer Levitz writes that investigators from the Arkansas Securities Department last year staged an undercover sweep of one of what they call “hucksters” favorite showcases — free lunch seminars.
The investigations uncovered enoughshady practices and lead to legislators passing a law, effective July 1, that doubles the civil penalties for financial securities violations when the victim is 65 or older. Though the state securities department can’t bring criminal complaints, it can refer such cases to the attorney general’s office.
Similar legislation is expected to be proposed in Congress next month by Democratic Sens. Bob Casey of Pennsylvania and Herb Kohl of Wisconsin, chairman of the Senate Special Committee on Aging.
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