Department of Corporations Wins Federal Consumer Protection Grant; ''Seniors Against Investment Fraud'' Will Fight Predatory Investment Practices.
SACRAMENTO Calif.--(BUSINESS WIRE)--Oct. 30, 2001
The Davis Administration today announced that the California Department of Corporations has been awarded a three-year, $1.2 million federal grant for the Seniors Against Investment Fraud (SAIF) consumer protection program.
"The SAIF program will reach out to California's senior population at the grassroots level so that seniors can recognize, report and avoid predatory investment practices," said Secretary Maria Contreras-Sweet of the Business, Transportation and Housing Agency, which oversees the Department of Corporations.
Corporations Commissioner Demetrios A. Boutris said that the State of California is partnering with senior and multi-cultural organizations like AARP and the Retired Senior Volunteers Program to create a statewide senior volunteer network. Seniors Against Investment Fraud volunteers will lead outreach seminars to teach their peers how to spot and steer clear of investment scams targeted at seniors. Volunteers will speak to clubs and at senior centers and other public places within their communities.
The Department of Corporations is a licensing and regulatory agency reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov.