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Florida Race for Attorney General Centers on Protections for Investors

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 General's role.

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.