THURSDAY, OCTOBER 22, 2009

COUNTY LEGISLATOR TERRANOVA LEADS LEGISLATURE REQUESTING FEDERAL LAW TO PROTECT SENIOR INVESTMENTS

Erie County Legislator Diane M. Terranova (D-Lancaster, Elma) led the County Legislature in unanimously requesting Congress to approve the Senior Investor Protections Enhancement Act at its October 22 session.

About 40,000 Western New York senior citizens have been exploited by investment fraud, Legislator Terranova said, and have lost more than $15 million in savings. She added that research demonstrates that senior citizens face serious risks from fraudulent sales people and seniors account for more than half of all investor complaints.

The legislation being sponsored by U.S. Senator Kirsten Gillebrand (D-NY), the Senior Protections Enhancement Act, would, if approved, increase penalties on those who scam seniors, would increase awareness of financial criminal tactics and would hold workshops on financial literacy to empower seniors to protect their life savings.

"I support Senator Gillebrand's legislation bringing needed protection to the senior citizens of Erie County," Legislator Terranova said. "After a lifetime of working and saving for retirement, it is shameful that seniors become targets for fraud. Let us put an end to this now."

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