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Brokers Swindle Senior Citizens With Free Blue-Plate Specials

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]