The allegations read: Respondents engaged in deceptive and misleading sales tactics with an elderly investor. Respondents directed junior agents to cold call an elderly investor and other potential clients and to make deceptive and misleading representations regarding certain bonds, pitching them as safe investments and promising high rates of return, when in reality the bonds were junk bonds rated as one step above default status by bond rating agencies. Respondents also sent additional offers to the elderly investor to purchase other junk bonds without any consideration for the investor's objectives or risk tolerance.
