Bloomberg Radio Countdown Interviews Page Perry Partner On SEC Senior Fraud Study

On September 10, 2007, Page Perry partner J. Steven Parker was interviewed by Lane Bajardi and Sal Giangrasso, co-hosts of the Bloomberg Countdown. Mr. Parker commented on a recently-released SEC study relating to “free lunch seminars” sponsored by investment advisors or brokers aimed at older Americans.   According to that study, 100% of such seminars were misleading in that they claimed to offer unbiased financial advice yet were in reality designed to sell particular products. The study also found that 23 percent of the securities firms offered inappropriate advice and 13 percent may have committed fraud.

In the course of the interview, Mr. Parker identified variable annuities as being the most common unsuitable product peddled to seniors.  He also commented on recent state legislative initiatives to curb elder abuse and on state and federal investment education initiatives.  Mr. Parker’s bottom line advice for anyone receiving an invitation to a free lunch seminar was to throw it in the trash can and seek out truly objective advice.