|
|
Published March 01, 2008 05:09 pm - JEFFERSON CITY, Mo. — Nothing is ever free. It’s a scam that’s increasing as more members of the baby-boomer generation retire. Scam artists will lure the unsuspecting with a free-lunch or -dinner seminar.
Bill holds stiffer penalties for defrauding retirees
By Alexandra Nicolas
news@joplinglobe.com
JEFFERSON CITY, Mo. — Nothing is ever free.
It’s a scam that’s increasing as more members of the baby-boomer generation retire. Scam artists will lure the unsuspecting with a free-lunch or -dinner seminar. Using high-pressure techniques, scam artists will tempt victims into phony investments that will cost Missourians hundreds of thousands of dollars a year.
House Bill 1488, sponsored by Margaret Donnelly, D-St. Louis, would tack higher penalties to those convicted of committing securities fraud against the elderly or disabled. Those convicted now face the same penalties regardless of the victims’ age or status, fines of not more than $1 million and fewer than 10 years in prison. HB 1488 would set minimums of no less than $50,000 and no less than five years in prison for crimes committed against the physically or mentally disabled, or those at least 60 years of age.
“We’re just trying to protect the hard-earned savings of Missouri senior citizens,” Donnelly said.
Other scam artists will target those saving for retirement or recently retired by gaining their trust at community events to later turn around and steal their identity or clean out their savings.
“For seniors that may mean coming out of retirement and working again, even after a lifetime of working and saving and raising a family, or cutting back even further on essentials like health care,” Donnelly said.
The Missouri Secretary of State’s Office recently launched an investigation into this common type of securities fraud, with 60 percent of those making the overtures not licensed to sell securities or give financial advice in Missouri.
“They (senior citizens) are targeted,” said Secretary of State Robin Carnahan, “These advertisements are mailed to people’s homes, they are on the radio, on television, in the newspaper, and they almost always turn into high-pressure situations.”
Carnahan’s office has set up a tip line to handle the volume of calls received reporting scams targeting the elderly. An estimated 300 calls per year are received on the tip line alone.
“It’s an issue that no one likes to talk about but it is an issue that can be defined as common,” she said.
At Tuesday’s hearing for HB 1488, Donnelly testified about a conversation she had with one victim who had told her, with tears in her eyes, “she felt so foolish.”
“One group was told that if they retired early and made this investment, they’d be better off than if they kept working,” Carnahan said. “Many of those had to go back to work just to keep their homes. The impact of fraud is very real.”
•
Click to discuss this story with other readers on our forums.
|
|
: Special Offer For New Subscribers
:
|
 |
|
CNA AND CMT
CNA AND CMT Joplin Healthcare Center is looking for CMT for day 12 hour shift. Also a CNA for night 12 hours shift. Exc...>MORE
PCA 'S AND CNA'S
PCAs and CNAs In Joplin and surrounding areas. Call 417-206-7878....>MORE
TEAMS NEEDED
SIGN-ON BONUS $3000 Benefits and West Coast $$ Scheduled Raises $$ HIGH MILES WEEKLY 72hrs...>MORE
CHILD CARE WORKER
CHILD CARE WORKER Part-time position working with children 0-6 at Discovery Center childcare center. Day and evening h...>MORE
OPINIONS WANTED
For legal research project. Participants will listen to presentations and express their opinions. Project scheduled for ...>MORE
LOCAL DRILLING COMPANY
needs a rock driller. Must have experience in hydraulics. Company vehicle provided. (417)662-7267...>MORE
NURSING PROGRAM COORDINATOR
for Crowder College in Cassville. Requires Master‚s in Nursing and two years of experience within the last five ye...>MORE
GROWING DENTAL PRACTICE
looking for experienced Dental Assistant. Computer knowledge a must. Resumes: 2710 Picher, Joplin, MO 64804. Deadline by...>MORE
MEDICAL OFFICE
seeking Insurance Clerk. Coding experience required. Will pay for experience. Benefits. Send resume: Globe Box 94, 117 E...>MORE
OLIVE GARDEN
Now accepting applications Line Cooks, Dishwashers, and Lunch Servers Interviewing 2-4 p.m. Monday through Fr...>MORE
See all ads |
|
1979 CHEVROLET CORVETTE
350 automatic, $5000 or trade consider. (620)230-0459...>MORE
LEXUS 2002 ES
LEXUS, 2002 ES 300, silver/gray leather, navigation, heated seats, second owner, 94,000 miles, $10,900. 620-856-2804, 41...>MORE
MAZDA, 2000
B3000, 4x2, V6, automatic, high miles, $2150. (417)843-2613....>MORE
FORD 2000 1 TON
Ford, 2000 1 ton, 4X4, 6 speed, duals, flatbed, 7.3 diesel, $6800; 1998 Bucket truck, 55’ Altec. 417-358-8636, 483-9700....>MORE
1999 CHEVROLET TAHOE
2 door, 2 wheel drive, barn door rear, lowered, custom paint/grill/wheels, asking $5500. (417)781-1932, or cell (417)437...>MORE
FORD 2001 ESCORT
FORD, 2001 Escort, 4 cylinder, automatic, good condition. $1800. (417)437-5682....>MORE
NEED 2 DRIVERS
with 3 years plus $ miles with turn arounds back to Joplin, MO. Home often. 417-325-7320....>MORE
GMC, 2006
2500 4x4, regular cab/bed, 133,000 miles, $9850. (417)214-0022....>MORE
2005 HONDA SHADOW VLX 600
2,000 miles, color white, $3950. (417)673-3860....>MORE
2006 CHEVROLET HHR LT
automatic, 40,000 miles, loaded with options, $6200. (417)434-2949....>MORE
See all ads |
|
OWNER FINANCE
OWNER FINANCE. $650 down, $435 monthly. 201 N. Washington, Joplin, 3 BR, garage, Full price $32,500. 417-359-4113. ...>MORE
LAKE FRONT MOBILE
Lake Front Mobile Grove, OK 1972 14 X 46 1 Bedroom, 1 bath lake front mobile home weekend getaway. Complete with furn...>MORE
INVESTORS OR START-UP
INVESTORS OR START-UP 1217 Central. $67500 2 bedroom, 1 bath, very nice,room to build more. See more at homesbyowner.co...>MORE
OPEN HOUSE
OPEN HOUSE 7/5/09 1:00-4:00 2281 sq. ft. Updated kitchen 4 br + bonus room 2 living areas Metal roof. Stapleton school ...>MORE
HANDYMAN SPECIAL
Handyman Special, only $500 down, owner financing, 11% interest, $345/ month, priced at $23,900. 1120 W. 12th Street (41...>MORE
2-3 BR
Basement, newly remodeled, oak cabinets, nice wood floors, privacy fence. $79,200. 2525 N. Ozark. (417)483-0900....>MORE
OPEN HOUSE
405 Keeney Street, Carl Junction. Sunday July 12 • 2 p.m.-4 p.m. This home is owned by Carl Junction R-1 School Di...>MORE
See all ads |
|
LAB MIX
black female, spayed, 3 years old, and 2 puppies, male/female, up to date vet care, $35 each. Refundable with proof of s...>MORE
ATTEMPTING TO LOCATE
realitives of late father, Aziel Murphy, who married Maxine Steele, of Oklahoma, on June 10, 1929. Contact Tresa Collins...>MORE
ANTIQUE RADIO
ANTIQUE Radio; hanging lamps; china cabinet; carnival glass; Singer featherweight machine; 2 ladies and men diamond ring...>MORE
NASCAR
Indy Brick Yard 400, 7/26/09, 2 at $90. 417-483-1460....>MORE
WANTED; 2006 OR NEWER BUMPER TRAILER
WANTED: 2006 or newer 28-29’ bumper hitch travel trailer with slide, in excellent condition. (417)235-3402....>MORE
24' BAJA OUTLAW
24’ BAJA Outlaw beautiful closed bow boat, 454 Mag, all options, excellent condition, low hours with 2005 trailer, $16,0...>MORE
YORKIE-CHORKIE
Yorkie-Chorkie, 6 weeks, weight 12 oz. and up. 417-358-4202....>MORE
COLLEGE STUDENT
COLLEGE STUDENT LOOKING FOR FEMALE ROOMMATE I am looking for a female roommate with Christian values to share my du...>MORE
PATTERN TORCH
Industrial, $500. (417)781-1932....>MORE
LOST: 10 YEAR OLD YELLOW LAB
Goldie has on a flea collar, lost 6/28 between Oak Grove and Tipton Ford. PLEASE call 417-438-2828....>MORE
See all ads |
|
 |
|