Business Week has a piece looking at the prevalence of financial scams — in which writer Alexis Leondis references Franklin's own William Spencer.
Some eye-opening stats for those who have been wondering if Ponzi schemes are a mostly local problem of late:
One out of five Americans over the age of 65 has been the victim of a financial scam, according to the Washington-based Investor Protection Trust, a nonprofit that promotes shareholder education. That means more than 7.3 million seniors have been taken advantage of financially through inappropriate investments, high fees, or fraud, which insurer MetLife says comes at a cost of more than $2.6 billion a year.
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