Financial advisor accused of ‘bait and switch’ targeting the elderly
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A Massachusetts financial advisor faces charges that he used Alzheimer’s disease to scare seniors into calling him so he could try to sell them his services. Barry G. Armstrong, an agent of Securities America, mislead listeners of his radio show by presenting himself as a source of information about the degenerative disorder, according to Massachusetts Secretary of State William Galvin.
Galvin alleges that, using air time he purchased on an AM station, Armstrong broadcast dire warnings about Alzheimer’s. One ad read: “[I]t is estimated that 5.1 million Americans may already have Alzheimer’s. What are the chances you may be among them?” He invited listeners to call for more information—in reality, a fact sheet that is freely available from the National Institute on Aging. Callers’ information was then passed on to a marketing firm that sought to convince them to invest with him, according to court documents.
Galvin charges that Armstrong conducted a “dishonest and misleading advertising campaign” and that Securities America failed in its duty to supervise him. An administrative hearing on the case began recently.
Advancing age can bring with it heightened concerns about cognitive decline. Unfortunately, unscrupulous stockbrokers and financial advisers can exploit both this condition and the fear of it, as Armstrong is accused of doing.
If you or a loved one has been exploited by a broker or adviser, the attorneys at Epperson & Greenidge may be able to help you recover those losses through FINRA Arbitration.
FINRA Arbitration is a unique, narrow area of the law. Our attorneys have extensive experience working within FINRA and we specialize in bringing these arbitration claims on behalf of investors. We accept all cases on a contingency basis: We only get paid if and when you collect money. Time to file your claim may be limited, so call 877-445-9261 now to speak to an attorney for free.