New York State

Insurance

Department

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NEWS

RELEASE

Contact:

Public Affairs

(212) 480-5262

www.ins.state.ny.us

Eric R. Dinallo   Superintendent of Insurance  25 Beaver Street  New York, N.Y. 10004

ISSUED 05/21/2008 FOR IMMEDIATE RELEASE

CONSUMER ALERT: SENIORS BEWARE -
QUESTION CREDENTIALS OF “SENIOR SPECIALISTS”
BEWARE OF “FREE LUNCH” SEMINARS

Many seniors have worked hard to accumulate a lifetime of savings. Since older adults are the fastest growing segment of investors, they have become the focus of many financial services firms’ marketing and sales activities.

Unfortunately, it can be difficult to identify legitimate offers.

State and federal regulators are increasingly concerned about abusive sales practices that target seniors and may result in fraud.

Follow these suggestions to become a more informed consumer:

Important Contacts

In all cases, before you disclose any personal or financial information, call the New York State Insurance Department at 1-800-342-3736 to verify that the person is licensed to sell insurance products or call FINRA at (800) 289-9999 to verify licensing to sell securities products and that there have been no complaints or enforcement actions against this person. If a company hosted the seminar, contact the Better Business Bureau (or check their website at www.bbbonline.org) to learn about any complaints. To check for complaints against securities brokers, visit www.nasaa.org or call the NASAA (North American Securities Administrators Association).


See related news release: Department Moves To Protect Seniors From Abusive Sales And Marketing Practices.

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