Galvin: 2 Local Brokers Deceiving Seniors ; Secretary of State Files Complaints - September 04, 2007 - The Patriot Ledger Quincy, MA - News

Galvin: 2 Local Brokers Deceiving Seniors ; Secretary of State Files Complaints


BOSTON - Secretary of State William Galvin is accusing two South Shore annuity salesmen of deceptively luring senior citizens to buy inappropriate annuities. Galvin's securities staff filed a complaint on Wednesday against James Maltz and his Canton-based for-profit firm, Canton Financial, and an affiliated nonprofit that Maltz ran to gain access to senior centers and libraries to give investment ... (see full summary)


Galvin's team also filed a separate complaint against Steven Michael Anzuoni of Plymouth and his Bourne-based firm, Fairway Financial Insurance Agency, accusing Anzuoni of misrepresenting his investment credentials.

The complaints represent the latest effort by Galvin's staff to clamp down on sales of inappropriate annuities to senior citizens. Annuities are insurance products that often require large surrender fees if clients want to withdraw money before a specific date.

Galvin, in a prepared statement, said cases like these highlight the importance of regulations that his office implemented earlier this year to require a certain level of credentialing for anyone who wants to sell investment advice to seniors.

Galvin's complaints accuse both men of violating those regulations as well as state securities law, and ask a hearing officer to order that both Maltz and Anzuoni cease and desist any violations and to require both insurance salesmen to pay unspecified fines.

Both Maltz and Anzuoni couldn't be reached for comment at their offices on Wednesday. Lawyers for both of them also couldn't be reached on Wednesday.

In Maltz's case, Galvin's complaint accuses him of promoting himself as an investment adviser when he is not registered to provide investment advice in Massachusetts. Galvin's complaint says Maltz conducted free financial seminars at senior centers through a nonprofit affiliate he runs, Consumer Educational Services Inc.

Using the nonprofit group, Maltz can circumvent bans on for- profit groups pitching investment strategies...

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