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Fake Experts Fool Seniors

Elderly cheated by 'certified' advisers whose shady offerings make millions

By J. Kelman, Newser User

Posted Jul 8, 2007 9:27 AM CDT

(Newser) – Elderly Americans are being duped out of millions by financial advisers with trumped-up credentials, the New York Times reports. Over 39,000 "certified senior advisers" have been rubber stamped by pay-for-service courses in the last decade, and they're selling popular—but unnecessary—financial products to the elderly.

At stake: the more than $15 trillion in assets held by seniors. That's sparking a rush on the credentials—which offer little instruction in financial basics, but do coach recipients in how to scare seniors into buying products. Says one state attorney general, “The insurers are happy to turn a blind eye to what salesmen are doing, as long as they make a sale.”

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Fake Experts Fool Seniors

Elderly cheated by 'certified' advisers whose shady offerings make millions

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Despite Recession, More Older Americans Employed

In part because they have to be

94-Year-Old Beaten to Death in Nursing Home

By his 81-year-old roommate

Depression Doubles Risk of Dementia

But doctors aren't sure why

Can a Robot Seal Really Take Care of Grandma?

Paro raises ethical concerns

Queens Granny Opens Fire on Jazzman's Wife

81-year-old snaps over noise coming from Palmieri apartment

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OTHER STORIES ON OUR RADAR

elderly • insurance companies • certified senior advisers • financial planning • scam • senior citizens

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Despite Recession, More Older Americans Employed

In part because they have to be

94-Year-Old Beaten to Death in Nursing Home

By his 81-year-old roommate

Depression Doubles Risk of Dementia

But doctors aren't sure why

Can a Robot Seal Really Take Care of Grandma?

Paro raises ethical concerns

Queens Granny Opens Fire on Jazzman's Wife

81-year-old snaps over noise coming from Palmieri apartment

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?