SEC to Convene Summit to Combat Investment Fraud Against Senior Citizens

FOR IMMEDIATE RELEASE
2007-160

Commission’s Seniors Summit to Be Held Sept. 10

Washington, D.C., Aug. 7, 2007 — Securities and Exchange Commission Chairman Christopher Cox announced today that the agency will hold its second annual Seniors Summit on Sept. 10, 2007, at the SEC’s Washington, D.C., headquarters. The event will further examine how regulators, community organizations, and others can increasingly coordinate efforts to protect older Americans from abusive sales practices and investment fraud.

AARP, the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) will be other leading participants at the Seniors Summit.

“Americans are living far longer than ever before. As the Baby Boomers reach retirement age, more than 10,000 Americans are turning 60 every day – and the net worth of older Americans is growing to historic proportions. That has made seniors the prime targets for scam artists and securities swindlers. So the SEC is attacking the problem of senior fraud from all angles, with aggressive enforcement efforts, targeted rules and examinations, and investor education focused not only on seniors but their caregivers and pre-retirement workers as well,” Chairman Cox said.

“Our Seniors Summit will bring together regulators, law enforcement officials, and community groups from around the nation to join forces in protecting older Americans from investment fraud,” Chairman Cox added.

Chairman Cox noted that the SEC has brought more than 25 enforcement actions during the past year aimed specifically at protecting elderly investors. Many of these were coordinated with state authorities. Chairman Cox also noted that the SEC’s nationwide examination and inspection program plays a critical role in protecting seniors by conducting targeted examinations to detect fraud and other violations of securities laws.

Furthermore, the SEC has devoted a portion of its Web site specifically to senior citizens (http://www.sec.gov/investor/seniors.shtml), linking to detailed warnings about common scam tactics and other critical information about investments that are commonly marketed to seniors.

The Seniors Summit will take place in the Auditorium at SEC Headquarters, 100 F Street, N.E., Washington, D.C. The agenda, panelists, and registration instructions for the Seniors Summit will be announced at a later date.

http://www.sec.gov/news/press/2007/2007-160.htm