Governor Lynch Signs Law Aimed At Protecting Seniors From Investment Fraud

FROM THE OFFICE OF THE GOVERNOR

July 07, 2008

Contact: Communications Director
Office of the Governor
603-271-2121


CONCORD -Gov. John Lynch today signed new legislation aimed at protecting seniors from investment fraud.

The new law prohibits an investor from using false professional designations, which infer they have special qualifications or specialized education in addressing the needs of senior citizens and retirees.

“We all want to ensure that our seniors and retirees get the sound professional advice they deserve as they invest their hard-earned savings, so that they can remain financially independent during their retirement years,” Gov. Lynch said. “Across the country, securities regulators report they are seeing an increase in the use of false designations as way to entice seniors into buying expensive investments.”

This law was based on a North American Securities Administrators Association rule regarding securities certifications and designations. It will require certification of certain titles for financial professionals in an effort to better protect seniors from fraudulent sales practice.

“This legislation is intended to send a strong message, that New Hampshire does not tolerate abusive sales practices, particularly those targeted against our seniors,” said Mark Connolly, New Hampshire Director of Securities Regulation. “I am pleased that New Hampshire will be the first state in the nation to implement these new requirements, which will help protect our senior consumers.”