Perspective for local Ponzi schemes

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.

Who commisssioned the study,

Who commisssioned the study, and how did they possibly quantify this situation? What role did Met Life have in this? It seems to me that politicians and special interest groups are forever publishing statistics without any evidence to support their findings, and I fear much of the public accepts these claims as true without asking the source and methodology of the information. Talk about scams!!!

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