WASHINGTON AP – Federal regulators on Thursday accused a real estate funds promoter and former brokerage executive with bilking mostly elderly investors of about $12 million by using “free lunch” seminars to lure them to invest.

The Securities and Exchange Commission’s allegations, brought in a civil lawsuit filed in federal court in Brooklyn, N.Y., were announced as SEC Chairman Mary Schapiro said fraud against seniors is a key focus of the agency’s enforcement efforts.