Canton businessman under scrutiny

Jeff Mucciarone

Canton businessman James Maltz is under fire from Massachusetts Secretary of State William Galvin, who has charged him with acting as an investment advisor for senior citizens without holding the appropriate certifications and while pretending to operate as a non-profit organization.

Maltz owns and runs both Canton Financial, a for-profit company located on Neponset Street, and Consumer Educational Services, a non-profit affiliate.

“In particular, Maltz has committed and continues to commit sales practice abuses against elderly Massachusetts residents, most frequently by conducting seminars and providing purported financial counseling to potential sales targets under the guise of a non-profit organization offering free financial planning education to senior citizens,” according to the deposition, filed by Galvin’s office on Aug. 22. “In conjunction with these seminars and follow-up meetings with prospective clients, Maltz has frequently sold products to unsuspecting Massachusetts senior citizens, who were led to believe they were receiving an expert, objective, unbiased review and advice with respect to their financial assets.”