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Investors Capital Corp. Fined For Selling Unsuitable Investments To Elderly; Must Offer Rescission
Massachusetts securities regulators fined Investors Capital Corp. $500,000 and ordered it to offer investors their money back plus interest.
The investments were equity-indexed annuities, which may lack liquidity (some must be held as long as 15 years to avoid withdrawal penalties) and may be unsuitable for older people who are more likely to face financial or medical emergencies.
The settlement applies to all customers who were 75 years or older when they bought the annuities between January, 2004 and December, 2005.
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
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Telephone: 312-621-4400 | Fax: 312-621-0268
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