NCJ Number
84649
Date Published
1981
Length
103 pages
Annotation
Testimony on business and investment frauds targeted at the elderly represented three viewpoints: elderly victims, perpetrators serving prison terms for such fraud, and State and Federal law enforcement officials.
Abstract
Statements from committee members and a U.S. Senator on fraudulent schemes involving business or investment opportunities emphasized the exploitation of the fears of older persons thay they will not have adequate postretirement income. The U.S. Chief Postal Inspector surveyed his agency's efforts to prevent crimes against the elderly and cited several examples of business opportunity mail fraud. Elderly victims told swindles involving investing in cooperative grocery stores, earthworm farms, precious metals, bakery franchises, and coin-operated video games. Two men serving prison sentences for promoting fraudulent investments in rare coins and commodities, after describing their personal backgrounds and operating methods, suggested methods of curbing such frauds. Georgia's experiences with business opportunity fraud were reviewed by an official from its Department of Comsumer Affairs who discussed problems associated with stemming business fraud, such as inadequate investigative manpower, restrictions on disclosure of information, and inadequate enforcement of existing laws. The final group of witnesses from the Federal Trade Commission's Consumer Protection Division and the Commodities Futures Trading Commission summarized their agencies' antifraud activities and recommended laws and regulations to enhance these programs. Exhibits, additional statements from fraud victims, and photographs are included.