Take a Detour Before you go to 'Wall Street'

HARRISBURG, Pa., Sept. 23 /PRNewswire/ -- Some big changes have occurred since the fictional Wall Street mogul Gordon Gekko strode across the screens of America's theaters in the 1987 film "Wall Street" and into a fictional federal prison. The real stock market has taken a major nose-dive and Congress has passed major reforms in the financial markets. So Gordon might not be surprised – and possibly even pleased – to see informational literature about stock fraud being handed out at select Pennsylvania theaters in the coming days when Gekko returns in a Wall Street sequel.

The informational and educational effort is the brainstorm of the Pennsylvania Securities Commission (PSC), the state agency charged with investor protection and policing the state's tens of thousands of licensed stock sales people.

"The movie, which premieres September 24, is fiction," said PSC Chairman Robert Lam. "Investment fraud is real. Investment fraud has no premiere date. It is always here."

The PSC plans to take advantage of the fact that movie-goers will be made more aware of the possibility of scams and provide them with information on how to arm and protect themselves. "We want consumers to be vigilant against financial fraud," PSC Commissioner Thomas Michlovic stated. "Although this movie is fiction, real life scam artists target everyone. A young couple setting up a child's college fund can be targeted. Older adults are a very big target for scams as well."

More than 7.3 million older Americans – one out of every five citizens over the age of 65 – have been victimized by a financial swindle according to an Investor Protection Trust survey.

"This movie is creating a thirst for investment knowledge," said PSC Commissioner Steven Irwin. "The more consumers know about investments, the more power they will have to avoid, stop and even report investment scams."

Irwin further noted, "Consumers want to learn how they can establish their own investments to pursue personal goals, from starting a small business to creating a retirement plan. This is a great way for consumers to learn all the services the PA Securities Commission provides."  

Members of the PSC staff will be handing out information and answering questions at select movie theaters screening of "Wall Street: Money Never Sleeps" in the Philadelphia, Harrisburg and Pittsburgh areas in coming days. The PSC commissioners add, though, that even though PSC personnel cannot be at every screening at every theater, consumers can always get information and help from the commission online (www.psc.state.pa.us) or by calling toll-free at 1-800-600-0007.

"Anyone can contact us to confirm if investment professionals, investment firms or specific securities (investment) products are properly registered," Lam stressed. "Registration is required by law. We are the state agency that regulates the investment industry."

When confirming registration, a free background report is provided. "In the background report you will receive applicable employment history, disciplinary history and any notations of criminal indictments, criminal convictions, civil judgments involving public customers, fines, settlements, and regulatory actions," said Michlovic.

Oscar-winner Michael Douglas reprises his role as the infamous character 'Gordon Gecko in "Wall Street: Money Never Sleeps."  Also returning is Oscar-winning director Oliver Stone.

Consumers can explore the PSC's website at www.psc.state.pa.us where numerous investor education resources are available at no cost. New and experienced investors will find highly relevant information. Consumers also can call the PSC at 1-800-600-0007 to ask for an investor's kit, which contains important information to prevent investment fraud and to learn basic investing fundamentals.

Moviegoers can speak with a representative of the PSC and pick up important consumer materials at several theaters in the Commonwealth. On September 24 – the opening night of the movie – look for the PSC in: Harrisburg at Regal Cinemas; Wayne, Delaware County, at the Anthony Wayne Theatre; and Pleasant Hills, Allegheny County, at Carmike Southland 9 Cinemas. During the early evening of September 25, the PSC will be in Mechanicsburg, Cumberland County, at Flagship Cinemas. You also can join the PSC during the early afternoon of September 26 inside the Harrisburg Mall near Great Escape Theaters.

SOURCE Pennsylvania Securities Commission