An investigation of possible improper sales of alternative investment products to senior citizens has resulted in 15 brokerages receiving subpoenas from the Massachusetts state security division. The products included oil and gas partnerships, private placements, structured products, hedge funds and tenant-in-common offerings. “While these products are not unsuitable in and of themselves, they are accidents waiting to happen when they are sold to inexperienced investors by untrained agents who push the products to score ... large commissions,” Massachusetts Secretary of the Commonwealth William F. Galvin said.

Related Summaries