INDIANAPOLIS | Indiana investment professionals are no longer permitted to use titles implying they are experts in investing on behalf of senior citizens.

Secretary of State Todd Rokita, whose office regulates the investment industry, recently added the ban on certain titles, known as the Senior Model Rule, to the Indiana Uniform Securities Act.

Under the rule, professionals whose titles include the words "senior," "retirement" and "elder" in combination with the terms "specialist," "adviser" or "consultant" are violating the Act. Punishment may include a fine of up to $10,000 and license suspension or revocation.

"Adopting the Senior Model Rule adds yet another tool Indiana can use to increase investor protection," said Rokita, a Munster native. "Specifically, it will help us continue our ongoing efforts to protect senior citizens from falling prey to illegitimate investment offers."

Last year, the General Assembly increased the penalty for defrauding persons ages 60 or older, raising it to a Class B felony, punishable by up to 20 years in prison. Rokita helped champion that legislation.

Hoosiers can file a complaint or report suspected investment fraud by calling the Indiana Securities Division of the Secretary of State's office at (800) 223-8791.