Massachusetts Secretary of State William F. Galvin has filed complaints against a Massachusetts securities firm for a financial services ad that focused on Alzheimer’s disease.  Galvin’s complaints allege that Securities America Inc. of La Vista, Nebraska, and Needham-based broker-dealer Barry Armstrong, one of its agents, tricked seniors who were interested in getting medical information into listening to a marketing pitch. Armstrong also hosts a radio show on WRKO-AM that is syndicated on other stations, the show’s website says.  According to Galvin’s office, the radio ad offered information about Alzheimer’s disease to anyone who called a telemarketing service. But callers’ phone numbers were collected and passed on to Armstrong’s firm, which called people and sent them marketing materials as well as facts about Alzheimer’s disease, Galvin alleged.  Securities America Inc. was accused of failing to properly vet the radio ad or mailings produced by Armstrong. The Secretary of State seeks a cease-and-desist order, an official censure of the company, and a fine, according to a news release.  Securities America said in a statement that it disagreed with the allegations and would contest them. Armstrong deferred comment to his attorney, Tim Egan, who said his client “intends to vigorously defend his good name.”  “Motivated by his personal experiences, Mr. Armstrong has endeavored to provide the public with valuable information about [Alzheimer’s] disease and sound financial strategies that families can consider to protect themselves in the event they become a direct or collateral victim of the disease,” he said in a statement. “This is precisely what the ad offers and what Mr. Armstrong provided.”
The Massachusetts secretary of state accused Securities America and its agent, Barry Armstrong, of deceiving seniors with a radio ad.