Thomas A. Roberts (Barrasso Usdin Kupperman Freeman & Sarver, LLC )

Thomas A. Roberts (Barrasso Usdin Kupperman Freeman & Sarver, LLC )

The New Frontier: Retiring Baby Boomers and the Senior Market

Securities Arbitration 2008: Evolving and Improving

Footnotes

1. See Wan He, et al., US Census Bureau, Current Population Reports, 65+ in the United States:2005, US Government printing Office, Washington, D.C., (2005), available at http://www.census.gov/prod/2006pubs/p23-209.pdf.

2. Id.

3. Testimony of Patricia D. Struck, Wisconsin Securities Division Administrator and President of the North American Securities Administrators Association, Inc. before the Special Committee on Aging, United States Senate, March 29, 2006.

4. Consumer Action, “Just Say N0! to Senior Scams”, Published November 2, 2005, available at http://www.consumer-action.org/modules/articles/just_say_no_to_senior_scams#Topic_01.

5. On July 30, 2007, the Financial Regulatory Administration, Inc. was formed from the consolidation of the National Association of Securities Dealers, Inc. (“NASD”) and the member regulation, enforcement and arbitration operations of the New York Stock Exchange (NYSE). FINRA is responsible for rule writing, firm examination, enforcement and arbitration and mediation functions, along with all functions that were previously overseen solely by NASD, including market regulation under contract for NASDAQ, the American Stock Exchange, the International Securities Exchange and the Chicago Climate Exchange.

6. The NASAA’s membership consists of the securities administrators in the 50 states, the District of Columbia, the U.S. Virgin Islands, Canada, Mexico, and Puerto Rico.

7. See Press Release from NASAA, SEC and NASAA Launch Program to Protect Senior Investors, May 8, 2006.

8. The FINRA rulebook currently consists of both NASD Rules and certain NYSE Rules that FINRA has incorporated. FINRA is in the process of consolidating the NASD and incorporated NYSE rules into a single set of FINRA rules. A copy of NASD Rule 8210, and a general discussion of regulatory sweeps can be found on FINRA’s website, at www.finra.org.

9. In August 2007 the FINRA Investor Education Foundation contracted Applied Research & Consulting LLC to conduct an investor risk survey of investors age 55-67 with at least $2000 in investable assets. The results of the Senior Fraud Survey can be found on FINRA’s website at http://www.finra.org/web/groups/sai/documents/sai_original_content/p036702.pdf.

10. A copy of the regulators’ joint report can be found on the SEC website at http://www.sec.gov/spotlight/seniors/freelunchreport.pdf;

11. The SEC’s commitment to the Senior Initiative is so strong, they have devoted an entire portion of their website to issues concerning senior investors. See http://www.sec.gov/investor/seniors.shtml. The website also includes numerous investor alerts advising seniors of topics such as a report detailing investment products and sales practices commonly used to defraud seniors ( available at http://www.sec.gov/spotlight/seniors/elderfraud.pdf ) and a list of questions seniors should ask their investment professional (available at http://www.sec.gov/investor/pubs/askquestions.htm) Similarly FINRA has issued many investor alerts designed to educate older investors on how they can protect themselves from fraudulent schemes. See Fraud Fighting 101: Smart Tips for Older Investors (available at http://www.finra.org/InvestorInformation/InvestorProtection/p019140) and Protect Yourself from Early Retirement Scams (available at http://www.finra.org/InvestorInformation/InvestorProtection/p038340).