“Free lunch” seminars will be under even greater scrutiny due to a new program to be launched by AARP and the North American Securities Administrators Association (NASAA). Under the program, AARP is recruiting “Free Lunch Monitors” to attend seminars and watch for illegal sales practices. The volunteers will be provided with checklists to complete and encouraged to return the completed forms to AARP, which will share them with state regulators.
“A solid investment portfolio is the bedrock of a financial secure retirement,” explained Jean Setzfand, AARP’s Director of Financial Security Outreach. “By empowering individuals with knowledge and information, we aim to create an educated and financially savvy investor who can spot a scam when … targeted. We also hope (the program) will deter scammers and give state securities regulators an opportunity to investigate them.”