Wednesday, September 5, 2007
Quote of the day from SEC Chair Cox: "Every rock that we turned over seemed to have a bug or a worm crawling out underneath. In each of the sweeps we conducted, we found significant fraud." Fraud perpetrated on the elderly is the focus of two hearings; the specific issues concern "free lunch" investment seminars and bogus titles for advisers claiming special expertise in retirement planning. Today the Senior Special Committee on Aging will hold a hearing; on Sept. 10 the SEC holds its Second Summit on Seniors. WPost, Investment Pitches Prey On Elderly.