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SENATOR CLINTON CALLS FOR INVESTIGATION INTO DECEPTIVE FINANCIAL PRACTICES TARGETING SOLDIERS

Senator Hillary Rodham Clinton on Tuesday, called on the Department of Defense to take immediate action about efforts by financial advisors to take advantage of our men and women in uniform through the use of deceptive sales practices

A report in the New York Times indicated that recently enlisted service members at many installations are required to attend mandatory financial advisory classes in which sales agents use questionable tactics to sell insurance and investments that may not fit the needs of people in uniform.

"When young men and women enlist to fight for and defend our country, they should trust their superiors, not fear that that are being taken advantage of, "Senator Clinton said. "We owe our young men and women in uniform a tremendous debt of gratitude, not a life of payments for financial services or life insurance that they don't need," Senator Clinton said.

A New York Times report published on Tuesday, found that several financial services companies or their agents are using questionable tactics on military bases across the country to sell insurance and investments that may not fit the needs of people in uniform. According to the report, insurance agents make misleading pitches to "captive" audiences, posing as counselors on veteran's benefits ad independent financial advisers. The report also found that this often takes place while soldiers in their barracks or while they are on duty, in violation of Defense Department regulations.



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