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
2007-09-16 06:45:42 · 13 answers · asked by kayboff 7 in Society & Culture ➔ Cultures & Groups ➔ Senior Citizens
We go to them whenever they send the free invitation. Free Lunch is free lunch. And if they get really pushy, I have no qualms telling them straight out: " Hey, you sent me the invite, I'm just here for the free lunch. I like where my money is just the same."
If they still are getting pushy, I try to sell them some of my jewelry or pottery. I ALWAYS have a sample with me. I can get just as obnoxious as they can.
My Mom always said that, of all her children, I was the one who liked to argue, best.
2007-09-16 07:51:33 · answer #1 · answered by ♫ Bubastes, Cat Goddess♥ 7 · 1⤊ 0⤋
Anyone who cannot withstand High Pressure sales techniques should NEVER attend these things...a free lunch is in no way, free...I am not about to spend 90 minutes of my life for a lousy $5.00 meal. But I will make an exception, for I have fun with these people. If you want to have fun, here is how to do it...go, act very interested, act as if you are about to sign on the bottom line, DO NOT give away any personal information (EVER), and, at the last minute, say you are very intrested, but you do NOTHING without your accountant's blessings! Watch the face of the sales person fall to the floor...that alone is worth the 90 minutes! Just remember, "I do nothing without my Accountant's approval." It will stop them dead in their tracks, they will move on to a more ripe victim, and you will be left entirely alone. Good luck and peace, Goldwing
2007-09-16 07:25:59 · answer #2 · answered by Anonymous · 1⤊ 0⤋
After sitting thru a travelogue and a high sales pitch of two
hours, we haven't bitten again when we get those cards in
the mail. We did get a coupon for a free dinner at the Olive
Garden tho.
We have friends in California that take advantage of every
invitation they get in their mail. And they must go out for a
free dinner once a week. So they are on alot of mailing lists.
They enjoy the freebies, and have alot of patience to listen
and hear the pitches and get the high pressure bit too. To
them it's worth it. And they never buy, they just say no. Tho
the meals are nice, I don't think the pressure is worth it.
Oh I forgot, once we were guests of our friends on a time
share vacation plan. And we agreed to go with them and
listen to a sales pitch. We knew we'd be saying no, and so
we allowed ourselves to sit and be hit upon. They gave us
$50.00 for our trouble in cash. And it paid for our entertain-
ment while we were visiting in a hotel suite with our friends.
I gather our friends would have made a nice chunk of credit
toward a future trip, had we signed tho. They were too eager
to have us attend the sales pitch.
2007-09-16 15:04:18 · answer #3 · answered by Lynn 7 · 0⤊ 0⤋
My husband and I go to the free lunches and many free dinner seminars. They are trying to get you to invest,or buy property etc but the meals are usually good and we just say no,we are not interested at this time, they give you papers and we throw them away as soon as we leave,but we spent a lovely afternoon or evening meeting others whom we have seen at other lectures and new people and we have a ball.
2007-09-16 10:59:48 · answer #4 · answered by lonepinesusan 5 · 0⤊ 0⤋
I'd read about that. I get those 'free lunch' offers all the time, but I never attend. I have no respect for people trying to take advantage of seniors. I'm glad the government realized what was going on this time.
2007-09-16 07:09:45 · answer #5 · answered by luvspbr2 6 · 0⤊ 0⤋
Free Lunch means that somebody wants to separate you from your money and you come out of it feeling good. Good that is until you come to your senses and then its too late. Another way at looking at a Free Lunch, is like date rape.
Free lunch is a polite way that they use to imply that seniors are stupid, insecure and that they can't take it with them, so they need to be separated from their money.
2007-09-16 11:18:15 · answer #6 · answered by Tinman12 6 · 0⤊ 0⤋
I'm watching my weight-so any lunch where I cant find the calorie count is verboten. I know they're just trying to sell us something and I dont need anything I have to be talked into.
2007-09-16 08:55:34 · answer #7 · answered by phlada64 6 · 1⤊ 0⤋
Thanks, Kay. You are indeed one of the few I feel are trustworthy out of all the Level 6 and above people.
I proceed with so much caution that I do not even attend. Thanks for the warning. I am with you on your good advice, and since you are aware of who sent this piece of mail, I will not sign out with my name. Peace to you.
2007-09-17 07:34:05 · answer #8 · answered by makeitright 6 · 0⤊ 0⤋
As I've often heard, "There's no such thing as a free lunch." I don't attend them because no matter what they say, they are trying to sell something.
2007-09-16 06:51:19 · answer #9 · answered by Suzy 5 · 1⤊ 0⤋
Truthfully, I have never been that hungry to have to sit through a sales pitch
I'd rather buy or make my own!
2007-09-16 07:07:27 · answer #10 · answered by slk29406 6 · 0⤊ 0⤋