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SEC to Conduct First-Ever Seniors Summit July 17 to Protect Older Americans From Investment Fraud

New NASD Investor Education Foundation Fraud Study to be Released


Washington, D.C., July 10, 2006 - Securities and Exchange Commission Chairman Christopher Cox today announced the date and agenda for the SEC's first-ever Seniors Summit to examine how regulators and others can better coordinate efforts to protect older Americans from investment fraud and abusive sales practices. The July 17 summit will also include the unveiling of a study funded by the NASD Investor Education Foundation that explores why the elderly are victimized by fraud crimes.

"Today's older Americans are living longer and healthier, and therefore investing more, than any previous generation. That trend toward longevity is expected to continue. As a result, older Americans will be more vulnerable to financial fraud than ever before," Chairman Cox said. "Those who would rob older Americans of their retirement nest eggs steal more than hopes and dreams - they erode the trust on which our entire financial system and economy depend. That makes protecting seniors an urgent priority."

The summit will take place in the Auditorium at SEC Headquarters, 100 F Street, N.E., Washington, D.C. The public is invited to attend on a first-come, first-served basis, but seating is limited. If you plan to attend in person please send your name in an email to RSVP@sec.gov. Attendees will also need to present a picture ID on the day of the event to pass through security.

The SEC will also offer a live audio and video webcast of the event on the SEC Web site, www.sec.gov.

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10:00 - 10:10 Opening Remarks

SEC Chairman Christopher Cox

10:10 - 10:25 Overview

Patricia Struck
Wisconsin Securities Administrator
President, North American Securities Administrators Association, Inc.

Chris Hansen
Group Executive Officer for State and National Initiatives, AARP

Mary Schapiro
Vice Chairman, NASD
President, NASD Regulatory Policy and Oversight Division

10:25 - 10:55 Senior Investor Fraud Study

Anthony Pratkanis, Ph.D.
Professor, Department of Psychology, University of California, Santa Cruz
Founding Editor, Social Influence

Doug Shadel, State Director
AARP State of Washington

10:55 - 11:05 Seniors Against Investment Fraud

Anthony Lewis, Chief Deputy Commissioner
California Department of Corporations

11:05 - 11:15 Enforcement and Examination Update

Linda Thomsen, Director
Division of Enforcement, SEC

Lori Richards, Director
Office of Compliance Inspections and Examinations, SEC

11:15 - 12:00 Panel Discussion

Moderated by SEC Chairman Christopher Cox

SEC Commissioner Paul Atkins
SEC Commissioner Roel Campos
SEC Commissioner Annette Nazareth
SEC Commissioner Kathleen Casey
Preston DuFauchard, Commissioner, California Department of Corporations
Chris Hansen, AARP
Richard Ketchum, NYSE Regulation, Inc.
Anthony Lewis, Chief Deputy Commissioner, California Department of Corporations
Anthony Pratkanis, Ph.D., University of California, Santa Cruz
Lori Richards, SEC
Mary Schapiro, NASD
Doug Shadel, AARP State of Washington
Patricia Struck, NASAA
Linda Thomsen, SEC


Modified: 07/13/2006