[ by Melanie Gretchen ] Beware, those of you who are over age 53. Your ability to make effective financial decisions is likely to be on the decline, which is why you and other 'baby boomers' are a favorite of investment scams.  And you can look it up - in a recent study by Boston College's Center for Retirement Research. Unfortunately, recent downturns in the economy, accompanied by prolonged joblessness, or the constant threat of joblessness, has given rise to a surge in investment frauds, which only exacerbate this progression.  The media's coverage of highly publicized securities frauds and the large stakes at risk - millions upon millions that are stolen from unsuspecting investors - has given new life to this old profession. Nationwide, 1,241 criminal complaints, cease-and-desist orders and other regulatory actions were filed at the state level - that's more than  double the number of cases in 2009, NASAA reports. Baby Boomer Vulnerability. The 77 million baby boomers in the U.S. make up 25% of the nation's population - the oldest of which turn 65 this year.  With their retirement portfolios decimated by the recent financial crisis, many investors in their late 50s and early 60s now are grabbing at investment opportunities that promise higher returns - even if they come with heightened risk. Biggest Threat. You guessed it - unregistered securities.  These posed the greatest threat, outdistancing ordinary stocks and bonds by a margin of 5:1.  Of course, we're referring to promissory notes, private placements (Reg D offerings), investment contracts, and others. A popular vehicle for these investments - which may come as a surprise - is self-directed individual retirement accounts, or IRAs. These accounts can purchase nontraditional investments - beyond the traditional stocks, bonds and mutual funds - and include real estate, gold and other precious metals, and oil wells.  And, you also securities traded on exchanges that, while are not scams, carry huge risks and are unsuitable for most - e.g., aggressive ETFs that step up their volatility by using leveraged reverse strategies. Ponzi schemes have also targeted investors, as well as real-estate fraud and the number of cases in which investments are pitched at "free-lunch" seminars run by investment promoters. SEC to the Rescue. The top securities regulator in recent times finally began to track alleged investment frauds by age demographics, and announced plans to issue "additional guidance about potential investment scams that older Americans should be looking out for."  All with the support of SEC Chairman Mary Schapiro. States are doing their part, as well.  Since 2007, 19 states have toughened laws, increased penalties for financial crimes or securities violations, particularly when the victim is 60 and over. For further details, go to [WSJ, 12/14/11].