The bill also would provide specific funding for states that adopt the NASAA
Model Rule to be used to enforce programs against fraudulent senior-specific designations.
There are 4,000 to 5,000 active day traders in the nation, the NASAA
said, citing figures from the Electronic Traders Association.
Later that same year, in September of 1989, NASAA
issued to the House of Representatives' Subcommittee on Telecommunications and Finance "The NASAA
Report on Fraud and Abuse in the Penny Stock Industry.
warns that investment fraud among seniors could grow significantly in coming years.
published the policy in April, 2003 for comment and adopted the policy without change in September.
trains securities examiners for Arkansas and its other state members and helps coordinate multi-state settlements with securities firms.
In its annual survey of state securities regulators, NASAA
asked them to identify the top 10 scams, schemes and scandals they thought they were likely to face in 2004.
Important considerations cited by NASAA
in the proposal are that franchisors have urged federal and state franchise authorities to consider allowing electronic disclosure and that the Federal Trade Commission (FTC) will likely include provisions to allow franchisors to make disclosures electronically.
These schemes have defrauded people of ``tens of millions of dollars,'' according to a spokesman at NASAA
Irwin also was vice-chair of the NASAA
Enforcement Section and a member of the association's Dodd-Frank Working Group.
In all three cases, contributions in lieu of fines were paid to NASAA
, the national association of which Abshure was president from September 2012 to October 2013.
says there are about 3,200 advisors making the switch.