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Frauds Against the Elderly - Business and Investment Schemes Hearings Before the House Select Committee on Aging, September 11, 1981

NCJ Number
82490
Date Published
1981
Length
104 pages
Annotation
House hearings which address frauds against the elderly perpetrated through business and investment schemes are presented.
Abstract
The hearings include opening statements by committee members, prepared statements of fraud victims, and remarks by members of three panels of consumer fraud experts. Although senior citizens make up only 11 percent of the population, they constitute almost 30 percent of the crime victims. Fraudulent business and investment schemes prey on the fears of the retired that they will not have enough income to support themselves. The purpose of these hearings is to devise methods which will reduce the vulnerability of the elderly and severely punish those who ply such crimes. Major types of schemes which victimize the elderly include work-at-home plans, phony securities schemes, franchise operations, distributorships, and commodities markets. The primary jurisdiction with respect to stopping fraud rests with the States. The Securities and Exchange Commission continues to police securities fraud effectively, and the Federal Trade Commission handles franchise schemes. The single most effective agency in deterring fraud against the elderly is the U.S. Postal Service. However, the postal service lacks the authority it needs to move quickly. Three appendixes and seven exhibits are provided.