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WASHINGTON - An investigation by federal and state regulators of “free lunch” investment seminars aimed at seniors has found high-pressure sales pitches masquerading as educational sessions, pervasive misleading claims for unsuitable financial products, and even fraud.

Much of the blame goes to investment firms for failing to properly supervise their employees who put on the seminars for seniors, according to the report of the investigation being made public Monday. By law, the sales pitches made at the seminars and the materials provided to participants must be approved by a brokerage or investment firm’s supervisors

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http://news.yahoo.com/s/ap/20070910/ap_on_bi_ge/seniors_fraud