Articles Tagged with Senior Citizens Unsuitable Securities

Investment Professionals, Inc. had been previously investigated for using high-pressure tactics on elderly clients in Massachusetts

A San Antonio-based investment firm operating in Massachusetts was recently fined $100,000 for selling seniors unsuitable investments. The firm, Investment Professionals, Inc., (IPI) which operates out of community banks throughout the state, had been the subject of an investigation by the Massachusetts Securities Division.

Financial advisors and the firms that supervise them have a duty to know their clients and their investment goals, and only recommend investments that are suitable for their financial situation. Unsuitable investment advice violates securities industry regulations, and recommending unsuitable, risky investments to elderly clients may be considered a form of elder financial exploitation. Unfortunately, this was not the first official state investigation of IPI’s marketing and sales methods.