Legal Rights for Senior Citizens.
30% of all fraud victims are over 65. Proposition 211 gives senior citizens stronger legal rights to take swindlers to court and get their money back.
Protection for Young Families.
More young families are trying to save for retirement because there is no guarantee Social Security will take care of them. Proposition 211 reduces the risk that they could lose their life savings.
Personal Responsibility for Corporate Executives.
Corporate executives can hide behind their corporate shield when they defraud investors. Proposition 211 holds them personally responsible for fraud they commit.
The ''Yes" Argument.
According to the Federal Trade Commission, Americans are losing $1,000,000,000 (one billion dollars) a year to investment swindlers.
The Federal Deposit Insurance Corporation says that many banks don't even tell investors that money in mutual funds is un insured against fraud.
Congress gutted the law that allowed the victims of Charles Keating's fraud to recover most of their money. California's politicians refuse to even license individual stockbrokers--they don't check their business background before allowing them to do business here.
Stops Frivolous Lawsuits.
Big business argues that under Proposition 211 out of state lawyers will come here to file lawsuits.
That's not true! Under Proposition 211 only frauds in California cheating people out of their pension or retirement savings are punished. And Proposition 211 punishes frivolous lawsuits.
Anyone who files a frivolous suit must pay the other side's legal fees. Big business is using their typical scare tactic. They just don't want to be held responsible for their actions.
Retired Californians are sponsoring Proposition 211. Pension fund managers and law enforcement support it. And every Californian trying to save or invest for retirement should vote ''Yes."
Securities Fraud and Retirement Fund Protection.
''In California, the rule for investors looking for a stockbroker is caveat emptor--let the buyer beware."
''The Securities and Exchange Commission is conducting a record 300 inside-trading investigations . . . In 1995, the SEC brought 45 inside-trading cases."
''A 1994 study by the National Center on Elder Abuse in Washington, D.C. says there were more than 29,000 cases of financial exploitation last year."
''Older Americans are the No. 1 target of investment con artists... The retirement nest eggs of Americans are in danger of being scrambled today by an alarming surge in investment schemes . . ."
''Some Workers Find Retirement Nest Eggs Full of Strange Assets . . . Losses Can be Serious
''The extent of such dubious 'investing' is only now beginning to surface. But an ominous sign emerges in the Labor Department's records on 401 (k) and profit sharing plans: At plans smaller than $1 million, fully 17% of the employee money has been funneled into (bizarre) categories . . ."
KENNETH E. WILSON
President, Retired Public Employees
Association of California
RAMONA E. JACOBS
Victim, Charles Keating's Lincoln Savings &