Retirees, watch out for the ‘free lunch’

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TESS VIGELAND: If there’s one thing retirees can count on these days, it’s offers of a free lunch. No such thing, but the offers are out there and seniors are falling victim. The Securities and Exchange Commission held a meeting this week to talk about the latest scam targeting older Americans. And guess what? Chairman Christopher Cox knows irony when he sees it.

Christopher Cox: Of course the highlight of the program is the free lunch. Of course, the free lunch that we have planned for you may be the only opportunity you’ll have to enjoy a complementary meal without someone peddling timeshares or asking you to turn over your investment portfolio before you leave the room.

To find out more about these free-lunch seminars we’ve turned to Patricia Struck. She’s a securities regulator for the state of Wisconsin. . . [Listen to audio.]