The poor economy means an increase in investment scams, particularly those
targeting retirees and the elderly. In an effort to attract voters in
a state known as a retiree's paradise, democratic candidates for Florida
Attorney General are competing for the right to claim the title "best
man to serve as the state's top law enforcement officer," according
to an August 7 The Tampa Tribune article by Howard Altman.
Both of the leading candidates for the Democratic nomination, David Aronberg
and Dan Gelber, believe protecting investors is a key part of the Attorney
According to the article, Gelber noted that Florida was home base for
several recent infamous fraudsters including Bernie Madoff, and he was
quoted in the article as asserting: "As attorney general, I will
create an Investment Fraud Unit whose purpose is to investigate and prosecute
these criminals. This will be one of my highest priorities."
The fact that politicians are now campaigning to prove themselves as the
most qualified to protect investors is a symptom of the countrywide rejection
of Wall Street business practices. In a time where investors are increasingly
coming out ahead of brokerage and investment firms in FINRA arbitration
proceedings, it will be interesting to see how the dynamic plays out in
the political arena.