Mass. goes after Wall Street; says it targets seniors

http://www.nbcnews.com/business/mass-goes-after-wall-st-says-it-targets-seniors-6C10592134

Reuters
July 10, 2013

Massachusetts' top securities regulator has hit top Wall Street firms with a blanket of subpoenas, saying he fears elderly people are being targeted for high-risk, alternative investment products.

Massachusetts Secretary of the Commonwealth William F. Galvin said on Wednesday that subpoenas have gone out to a group of firms including Morgan Stanley, UBS AG, Fidelity Investments, Bank of America Corp's Merrill Lynch, Wells Fargo & Co and Charles Schwab Corp.

Galvin said a recent investigation into real estate investment trusts (REITs) heightened his concern that elderly investors were being targeted with products too complex for them to understand the underlying risks.

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