Reynolds, US Attorney and District Attorney Target Investment Scams Aimed at Seniors

Reynolds, U.S. Attorney and District Attorney Target Investment Scams Aimed at Seniors
Congressman says SEC, local law enforcement teaming up

Congressman Thomas M. Reynolds (R-Clarence) today appeared with U.S. Attorney for the Western District Terry Flynn and Erie County District Attorney Frank Clark to launch a new federal-state partnership targeting scams aimed at seniors. The new effort by the government is in response to various scams targeting seniors such as luring seniors into fraudulent investment opportunities by offering them free lunches.

"Whether it is 'Ponzi' schemes or free lunches, scam artists are focusing more and more on our seniors," stated Reynolds. "These scam artists are being put on notice: the government is watching, and we will pursue you with every tool at our disposal. While these scam artists use free lunches to target seniors, the government will take the fight to them and ensure they get a free lunch -- in jail."

The new partnership brings together the expertise of the Securities and Exchange Commission (SEC), state and local law enforcement officials, and federal and state regulatory agencies. The partnership was announced recently by SEC Chairman Chris Cox at a speech to the Consumer Federation of America. Cox outlined the growing number of seniors with investments, the risk they face, and the resources being used to target various scams.

"As the number of seniors grows, locally and nationally, more and more will be targeted by these scam sharks," added Reynolds. "Chairman Cox outlined what will be an effective and forceful effort of Federal, state and local officials in our effort to protect seniors, prevent scams and prosecute criminals."

According to the SEC, in the last two years alone, 26 enforcement actions have been taken against criminals who were targeting seniors with investment scams. In order to combat the various scams targeted at seniors, the SEC has launched a website: http://www.sec.gov/investor/seniors.shtml. The website has various educational and informational resources for seniors. Seniors can also receive a "Seniors Care Package" from the SEC, which includes information on facts about saving and investing, cold calling, a question and answer section and other information as well.

"Working as team, we can educate our seniors about the scams that exist out there," concluded Reynolds. "Our seniors deserve peace of mind in retirement, and this includes knowing that their retirement money is secure. This new effort by the SEC will go after these scam artists, and provide seniors with the resources to fight back."

http://www.house.gov/reynolds/apr3-2006.htm