Washington — Senators Robert Casey (D-Pa.) and Herbert Kohl (D-Wisc.) have introduced the Senior Investor Protections Enhancement Act of 2008, aiming to strengthen penalties for securities law violations involving senior victims.
The bill was hailed by state securities regulators who have been addressing the issue of annuity suitability with laws at the state level.
“State securities regulators believe that every investor deserves protection, none more so than the growing numbers of seniors who are depending on every dollar of their savings for a financially secure retirement,” said North Dakota Securities Commissioner and President of the North American Securities Administrators Association (NASAA) Karen Tyler. “NASAA believes the Casey/Kohl legislation will assist law enforcement and regulators to ensure that those who take advantage of our nation’s elderly will be held accountable.”
Tyler said enhanced penalties for senior abuse should help to deter law violations, and punish appropriately those who exploit senior investors. “The predators who intentionally seek to deprive retirees of the savings they have worked their lifetime to accumulate should be subject to enhanced penalties,” she said. “Fraudulent investment sales to seniors will remain a problem of epidemic proportions as long as the benefits to the perpetrators outweigh the costs.”
Source: North American Securities Administrators Association
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