Many of those stocks were speculative and unsuitable for elderly, retired investors, Mr. Murphy said.

I began to feel like the elderly investor who turned down a growth security with: "At my age I don't even buy green bananas."

When the foundation collapsed in 1999, it owed $570 million, mostly to elderly investors who had been attracted by high interest rates.

But one elderly investor drew applause when he said the second park was a mistake.

But it might not make sense for elderly investors.

Many elderly investors rely on dividends for a good chunk of their retirement income.

Thousands of elderly investors may have been mis-sold expensive insurance policies designed to cover future inheritance tax bills.

Collett was a central figure in a large scam, involving eight thousand elderly investors and nearly $150 million in losses.

In April 1989, Lincoln failed; about 23,000 customers were left with worthless bonds, and many elderly investors lost their life savings.

A court heard emotional evidence from many elderly investors whose life savings had been wiped out by the fraud.