{"id":4450,"date":"2007-06-11T19:05:05","date_gmt":"2007-06-11T19:05:05","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/06\/securities_america_fined_15_mi"},"modified":"2021-09-20T15:41:32","modified_gmt":"2021-09-20T20:41:32","slug":"securities-america-fined-15-mi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-america-fined-15-mi\/","title":{"rendered":"Securities America Fined $15 Million for Luring Retirees Using Exaggerated Promises"},"content":{"rendered":"

\t\t\t\tThe NASD fined Omaha, Neb.-based Securities America Inc. a total of over $15 million for luring 32 long-term employees of Exxon Corporation into early retirement using false promises of high returns. The NASD stated that supervisors at Securities America largely ignored such actions by its registered representative who has been charged with violating securities regulations.<\/p>\n

The NASD is focusing much of its enforcement resources on brokers and investment firms specializing in retirement planning services. The NASD’s chief counsel of the New Orleans region said retirement-age workers are extremely vulnerable to retirement planning investment scams. In many cases, the workers have little financial sophistication, but huge portfolios of assets that must be invested for post-employment purposes.<\/p>\n

Employees of large companies such as Exxon are tempting targets for unscrupulous brokers touting inflated predictions of earnings to generate huge fees for the brokers. The target employees are able to “rollover” their retirement accounts, sometimes worth over a million dollars, to banks or brokerage firms. Often these workers hive little or no experience in investing and must rely entirely upon an investment advisor. This problem will grow as the baby boom generation retires.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The NASD fined Omaha, Neb.-based Securities America Inc. a total of over $15 million for luring 32 long-term employees of Exxon Corporation into early retirement using false promises of high returns. The NASD stated that supervisors at Securities America largely ignored such actions by its registered representative who has been charged with violating securities regulations. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3788,3829,3803],"tags":[],"class_list":["post-4450","post","type-post","status-publish","format-standard","hentry","category-nasd-enforcement","category-securities-america","category-senior-investors"],"yoast_head":"\nSecurities America Fined $15 Million for Luring Retirees Using Exaggerated Promises — Investor Lawyers Blog — June 11, 2007<\/title>\n<meta name=\"description\" content=\"The NASD fined Omaha, Neb.-based Securities America Inc. a total of over $15 million for luring 32 long-term employees of Exxon Corporation into early — June 11, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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