According to the Financial Industry Regulatory Authority (“FINRA”), the number of Americans who have retired or are growing close to the point of retirement is rapidly expanding.  The population segment comprised of those who are 65 or older is expected to nearly double in size within the years ahead.  By 2030, almost 20% of all Americans – more than 70 million people – will be at least 65 years old.  Per FINRA, Americans are also living longer.  Consequently, retirement assets must last longer.  Moreover, fewer senior citizens can rely on traditional corporate pension plans to provide for a significant portion of retirement needs.  As a result, the financial decisions that are made on behalf of elderly investors, together with the securities portfolios that are created for their benefit, must be viewed in an increasingly crucial light.  FINRA RN 07-43, at 2.

FINRA And Other Securities Industry Regulators Have Voiced Immense Concern Over Sales Tactics Geared Toward Senior Investors

FINRA and other security industry regulators have expressed a profound level of concern over the use of aggressive or misleading sales tactics aimed at seniors.  In doing so, they have voiced a special sense of disdain for “free lunch” seminars that capitalize on high-pressure sales tactics designed to provide for the sale of questionable investment products.  Such high-pressure tactics include attempts to create a contrived, artificial sense of urgency by employing phrases such as “limited time only” and “you have to sign up today.”  Based on these considerations, FINRA conducted a series of examinations of securities industry broker-dealers that offer so-called “free lunch” sales seminars aimed at retirees.  Other securities regulatory authorities have conducted similar examinations focusing on registered investment advisers that have offered such seminars.

In the course of the underlying examinations, securities industry regulators uncovered evidence of problematic sales practices, including the use of deceptive, dishonest sales literature that has been used in connection with high-pressure sales seminars aimed at older investors.  According to FINRA, some of the most common practices involved the use of exaggerated, misleading claims regarding the safety of the underlying investment.  Disclosure deficiencies regarding conflicts of interest and expected returns were also observed.  The examinations also uncovered information showing that the advertising materials failed to include the firm’s name, or made improper use of testimonials, in violation of securities industry requirements.  A complete discussion of these issues appears at Protecting Senior Investors: Report of Examinations of Securities Firms Providing “Free Lunch” Sales Seminars (Report), available at  FINRA RN 07-43, at 6.

Brokerage Firms And Stockbrokers Must Place A Greater Emphasis On Protecting The Interests Of Elderly Investors

The number of elderly investors is significantly expanding while the essential need for vigilance is simultaneously growing larger.  Consequently, securities industry regulators must not stand alone.  Brokerage firms, and the stockbrokers they employ, must place a greater emphasis on the need to protect the assets of their elderly customers, and safeguard their financial interests.  Along those lines, it is of utmost importance that registered financial services firms insure that their supervisory procedures, combined with their training materials, stress the importance of advancing the unique attributes of particular elderly customers; and, at the same time, strive to protect older investors in general.  FINRA RN 07-43, at 8.


If you are a victim of securities fraud, you may wish to contact an experienced securities litigation attorney.  Alternatively, depending on the circumstances, it may be to your benefit to speak with an experienced securities arbitration attorney.  Chris Bebel has established a track record of success in the securities litigation arena, as well as the arbitration sector.  He has utilized his skill, knowledge, and expertise so as to obtain attractive recoveries on behalf of investors who have sustained losses through private offering fraud.  Mr. Bebel has also obtained handsome recoveries pursuant to his representation of investors who have been deceived in connection with the purchase and sale of publicly-traded securities.  Contact Chris Bebel to discuss your rights.  He is a former SEC attorney, and he previously served as an Assistant United States Attorney.  During his tenure at the Department of Justice, Mr. Bebel focused on securities fraud cases.  Mr. Bebel has geared his practice toward the securities fraud area for roughly three decades.  He works closely with Bradley Ellison.  Mr. Ellison is not only a superb paralegal, he is currently pursuing his third master’s degree.  In short, Mr. Ellison maintains a scholarly disposition; he puts his intellectual abilities to work on a daily basis.  Mr. Bebel, Mr. Ellison, and other Tefteller Law, PLLC personnel customarily work as a team while representing investors who have sustained financial losses.  Caveat: During the course of his career in private practice, Mr. Bebel has regularly declined cases presented by investors who seek to retain his services.  As such, he cannot promise you that he will accept your case.  No fees will be applied pursuant to an evaluation of your case.  On a related note, Mr. Bebel cannot extend any guarantees or assurances of success.  Indeed, no reputable attorney would do so.

Mr. Bebel has, for many years, represented investors situated throughout the nation, to include investors residing in:  New Jersey, New York, Iowa, Florida, Kansas, Texas, California, Minnesota, Indiana, Oklahoma, Arkansas, and Colorado.

Chris Bebel has provided instructive presentations addressing a broad spectrum of securities industry topics to lawyers and securities industry professionals in the following cities: Tucson, AZ; Toronto, Ontario; San Antonio, TX; Houston, TX; Dallas, TX; New York, NY; San Diego, CA; Colorado Springs, CO; Jacksonville, FL; and Fort Myers, FL.

Mr. Bebel has been published through the following: West Virginia Law Review, West Virginia University, Morgantown, WV; Louisiana Law Review, Louisiana State University, Baton Rouge, LA; Practicing Law Institute (“PLI”), New York, NY; the Public Investors Arbitration Bar Association (“PIABA”), Oklahoma City, OK; the State Bar of Texas, Austin, TX; Houston College of Law (f/k/a South Texas College of Law), Houston, TX; and Texas Tech Law Review, Texas Tech University, Lubbock, TX (voted Best Article of the Year by Texas Tech Law Review editors).

Chris Bebel has served as a visiting lecturer on securities law principles at the following educational institutions: Mitchell Hamline School of Law, St. Paul, MN; the FBI Academy, Quantico, VA; University of Houston Law Center, Houston, TX; Baylor University School of Law, Waco, TX; and Texas Tech University School of Law, Lubbock, TX.