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New state rule cracks down on bogus senior titles

INDIANAPOLIS — A new state regulation that went into effect this week is geared at protecting senior citizens from investment advisors who use bogus titles.

The Indiana secretary of state's office said under the new rule, professionals whose titles include the words "senior," "retirement" and "elder" along with the terms "specialists," "adviser" or "consultant" will violate state securities law.

Violations are punishable by a $10,000 fine and license suspension or revocation.

The rule doesn't apply to professional titles approved by the American National Standards Institute or the National Commission for Certifying Agencies.