Per reports, William Galvin, the Secretary of the Commonwealth of Massachusetts, recently filed complaints against Securities America and its broker Barry Armstrong over allegedly misleading advertisements that targeted vulnerable seniors.
Securities America allegedly participated in and failed to supervise Mr. Armstrong, in conducting a misleading radio advertising campaign. In what has been described as a “bait and switch” technique, Mr. Armstrong reportedly ran the Alzheimer’s disease ads as a pretext to obtain the contact information needed to sell another service.
Mr. Armstrong, who hosts his own radio show, was said to have run ads on various AM radio stations that instructed listeners to call him for free information on Alzheimer’s disease. Once listeners called in, their contact information was allegedly used to advertise financial services. According to reports, these deceptive ads were submitted to Securities America for review and were all approved by the firm.