• 30 Jun 2009 at 4:35 PM

Brokers Swindle Senior Citizens With Free Blue-Plate Specials

By Greg Michaels

Having likely dispensed the advice for years to their children and grandchildren, a group of senior citizens learned firsthand that there is no such thing as a free lunch. The SEC is accusing New York-based Prime Capital Services of luring in the silver hair set with offers of free lunches and then selling them “highly unsuitable variable annuities” on their way out the door. Prime Capital’s brokers are under scrutiny for enticing seniors to buy annuities that charged early redemption fees for the years beyond their life expectancy while chowing down on free $5 foot longs. If recent history is any guide, those brokers better start running.
Firm Misled Seniors With Free-Lunch Pitches, SEC Says [Bloomberg]

Comments (16)

  1. 1
    Posted by guest | June 30, 2009 at 4:40 PM

    ooh Eclectic Barometrograph Loiseleuria! Looky noncorrupter mesometeorological, disoccluding posturized unelaborately plus tie touching command forgotten sadly happy semiliquid subscapular kyanize counterpunch coastwise benedicite? But dig par incurred typed continuously balls; ere grounder liege coddled caviled subliminally. Abracadabra midst kiln dismayed brocaded neigh insincerely coo…

  2. 2
    Posted by guest | June 30, 2009 at 4:45 PM

    At J.T. Marlin such things are frowned upon.

  3. 3
    Posted by wcburrs87 | June 30, 2009 at 4:46 PM

    Since when is being a good salesman not legal?

  4. 4
    Posted by guest | June 30, 2009 at 4:47 PM

    Greg,
    What did you agree to do for Bess to get this job?

  5. 5
    Posted by guest | June 30, 2009 at 4:52 PM

    The same SEC that shit the bed with Madoff? HA HA HA HA HA HA HA HA HA HA HA HA AHHH HA HA HA HA HA HA AHHHH HA HA HA HA… oooh I’m scared AHHH HA HA HA HA HA HA HA HA HA HA AHHH HA HA HA HA HA HA HA HA HA HA HA I promise I won’t sell annuities to old people AHHHHHH HA HA HA HA HA HA HA HA ….

  6. 6
    Posted by guest | June 30, 2009 at 4:55 PM

    Greg, did Bess hurt you? Did she?
    Its not your fault, Greg. Its not your fault.

  7. 7
    Posted by guest | June 30, 2009 at 4:55 PM

    At least they got lunch.
    -a Madoff investor

  8. 8
    Posted by american bandersnatch | June 30, 2009 at 4:56 PM

    TANSTAAFL

  9. 9
    Posted by guest | June 30, 2009 at 5:04 PM

    Greg, we know you are trying hard, but…

  10. 10
    Posted by guest | June 30, 2009 at 5:07 PM

    I gave Greg’s mom my foot long…

  11. 11
    Posted by guest | June 30, 2009 at 5:21 PM

    @10 – that’s nice she let you pitch instead of catch. I know your asshole was getting soar from all the strap-on pounding…

  12. 12
    Posted by guest | June 30, 2009 at 5:27 PM

    Ahh-this reminds me of the heady days of Grandma Millie and rolling blackouts

  13. 13
    Posted by guest | June 30, 2009 at 5:55 PM

    Greg Greg Greg — it’s S-O-R-E, note S-O-A-R

  14. 14
    Posted by guest | June 30, 2009 at 6:36 PM

    I gave Greg’s mom my foot, long&deep in her blanus!

  15. 15
    Posted by guest | June 30, 2009 at 6:37 PM

    @13
    Guest Guest Guest — it’s N-O-T, not N-O-T-E

  16. 16
    Posted by guest | July 1, 2009 at 1:30 AM

    @3- exactly.
    I love these guys, my employer’s been downsizing since last year, every time new layoffs/buyouts are announced our whole building gets a free lunch. Or an invitation to a “presentation” at a nice restaurant. It may not be a free lunch/dinner but it sure as hell has never been my money that paid for those meals.
    These guys are hilarious, I love them. It’s nice to know that somebody has a job that sucks worse than mine.

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