Subject: File Number S7-07-18: Stop financial advisers from sapping Americans' retirement savings
From: Kevin Cooney

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

The Securities and Exchange Commission should consider a new rule for
financial advisers that protects older Americans and their retirement
savings from bad financial advisers that invest older Americans'
retirement savings in high risk investments with higher fees and lower
returns while making money only for themselves. The Securities and
Exchange Commission should close any and all loop holes that allows
Wall Street and its bad financial advisers to give bad and unsound or
poor financial advise that only allows unscrupulous Wall Street
financial advisers to make money with no financial risks at all to any
of their own money. Wall Street financial advisers should have to be
made to reimburse any lost monies invested on behalf older Americans'
retirement savings.

Wall Street makes billions from bad financial advisers that make bad,
unsound, poor, high risk financial advise and investments of older
Americans' retirement savings. Wall Street and its bad financial
advisers should bear the most or at the very least half of the
financial risk from poor unsound investment advise given to anyone with
retirement savings or for retirement savings. It is time to hold Wall
Street and their bad financial advisers to held accountable for unsound
advise that just makes our brokers and bankers richer. Hidden fees and
bad advice costs Americans billions of dollars every year, and we
deserve better. We should be able to trust our financial advisers to
put our interests first. But loopholes in the current law make it easy
for many advisers to take advantage of hard-working Americans and line
their own pockets with our retirement savings. Millions of Americans
like me are counting on our IRAs, 401(k)s and other retirement accounts
for a secure financial future  and we've worked hard to build and grow
our savings.

The Securities and Exchange Commission should close any/all loopholes
that allows our financial advisers, our brokers and bankers to make
money while losing any money from our financial savings or retirement
I'm counting on you to make a stronger rule that closes the loophole.
Americans who've worked hard to save for retirement deserve peace of
mind about their financial security. We Americans and us retirees
deserve much better than what is being done to us now. We don't need to
be financially ruined in our retirement years after slaving at work for


Mr. Kevin Cooney