As the saying goes, “there’s no such thing as a free lunch.” If you are over the age of 50, you have probably received an unsolicited invitation to attend an educational financial seminar where you will enjoy a free lunch or dinner while learning tips on how to avoid taxes, earn excellent returns on your investments, and reduce or eliminate market risk. Such invitations should raise red flags for Maine investors.

A recent yearlong study conducted by members of the North American Securities Administrators Association, the U.S. Securities and Exchange Commission, and the Financial Industry Regulatory Authority looked at 110 securities firms and branch offices that sponsored seminars and offered a free lunch or dinner to entice people to attend. Here are some of the key findings from their report:

. All of the “free lunch seminars” were actually sales presentations, although they were advertised as “educational workshops” where “nothing will be sold.”

. Half of these events featured exaggerated or misleading advertising claims, such as “immediately add $100,000 to your net worth,” and “How $100K can pay 1 Million Dollars to Your Heirs.”

. Nearly one-quarter of these lunch or dinner events involved potentially unsuitable recommendations, such as a risky investment recommended to someone who has a conservative investment objective, or an illiquid investment recommended to an individual with a short-term need for cash.

These findings should be a warning to anyone who receives an unsolicited invitation to an educational “free meal” seminar.

Educational free meal seminars are often advertised in local newspapers, through mass-mailed invitations, mass e-mail messages and on Web sites. The seminars are held at hotels, restaurants, retirement communities and golf courses. In addition to providing a free meal, the firms and individuals that conduct these seminars often offer door prizes, free books and vacation deals to encourage attendance.

Advertised with names such as “Seniors Financial Survival Seminar” or “Senior Financial Safety Workshop,” these events claim to offer “free” advice by “experts” on how to attain a secure retirement, or offer financial planning or inheritance advice. And while the ads may stress that the seminars are educational, and that nothing will be sold, they are intended to result in the attendees’ opening new accounts with the sponsoring firm, and ultimately, in the sales of investment products, if not at the seminar itself, then in follow-up contacts with the attendees.

Often, in the follow-up sales pitch, the salesperson recommends liquidating existing investments and using the proceeds to buy indexed or variable annuity products, which may be unsuitable for seniors.

Seniors seeking educational insights and information should be aware that the primary goal of the sponsors of these free meal seminars is to obtain new customers and sell investment products. Some salespeople holding seminar events may also possess a “senior specialist designation” and represent that they have special expertise in dealing with financial issues important to seniors. While some of these designations reflect bona fide credentials in the field of advising seniors, many do not. An unscrupulous sales agent or adviser may use these titles to gain a senior’s trust, which is the first step in a successful fraud.

Most investment professionals are honest and committed to helping their clients; others use deceptive and dishonest tactics to cheat seniors out of their hard-earned retirement savings. Remember, there’s no such thing as a free lunch. Seniors seeking investor education and advice should not be subjected to misrepresentations, high-pressure sales tactics and outright fraud.

Fortunately, there is some good news. Through workshops, conferences and other presentations, the Maine Office of Securities is reaching out to seniors to provide them with information about safe investing. The next educational event of this kind will be held at the Camden Public Library at 11:30 a.m. Dec. 7. It’s open to the public and truly free. Other presentations will be scheduled throughout the state.

Whether young, old or anywhere in between, investors are encouraged to contact the Maine Office of Securities within the Department of Professional and Financial Regulation for more information about safe investing or to report concerns about questionable investment events or practices. The office can be reached by calling toll-free 877-624-8551. For individuals with hearing difficulties, the TTY line is 207-624-8563. Information and the complaint process can also be accessed online at www.investors.maine.gov.

Bonnie E. Russell is acting administrator of the Maine Office of Securities in the Department of Professional and Financial Regulation.