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NASAA President Joseph P. Borg to Testify Before U.S. Senate Special Committee on Aging

WASHINGTON, D.C. (August 30, 2007) – North American Securities Administrators Association (NASAA) President and Alabama Securities Commission Director Joseph P. Borg will discuss ongoing efforts of state securities regulators to protect senior investors from misleading “free lunch” seminars and professional designations in testimony Wednesday, September 5, before the U.S. Senate Special Committee on Aging, chaired by Sen. Herb Kohl (D-WI).

“On behalf of NASAA, I commend Chairman Kohl for his Committee’s ongoing investigation of investment fraud targeting our nation’s seniors,” Borg said. “State securities regulators share Chairman Kohl’s outrage at the practices used by unscrupulous brokers and other predators who swindle seniors out of the hard-earned money they need for a secure retirement.”

Borg will be among the witnesses called to testify at a hearing entitled “Advising Seniors About Their Money: Who Is Qualified – and Who Is Not?” The hearing is scheduled for 3 p.m., September 5 in Room 628, Dirksen Senate Office Building. Additional details about the hearing will be available on the Committee’s website. Borg’s testimony also will be available on the NASAA website here.

“This Committee’s examination of investment fraud against the growing senior population is an important step in highlighting a serious problem and working toward solutions,” Borg said.

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and Mexico.

For more information:
Bob Webster, Director of Communications