Being Made a Fool at the End of Life
Investment Pitches Prey On Elderly
Vulnerable Group Ensnared By Salesmen, Officials Say
Washington Post Staff Writers Wednesday, September 5, 2007; Page A01
Less than a year before he died, Arthur Moyer converted his $500,000 life savings into a complex investment he could not tap for a decade without incurring steep fees.
The 79-year-old former machinist from Pennsylvania poured his money into a deferred annuity at the urging of a salesman who presented himself as a retirement expert and collected a hefty commission, according to Moyer's son and a family adviser. They said Moyer, ailing and confined to a wheelchair, spent the final weeks of his life slumped with his head between his knees, fending off depression.
There are more and more old folks, that's the pain and the progress of longevity.
There are more and more fraudulent schemes for wrenching old fol…