If you or a family member happens to get invited to a free luncheon at a great restaurant or hotel to learn how to make millions, beware.

The Securities and Exchange Commission and NASD have begun a sweep of free lunches amid reports that many wind up being securities scams that prey on older Americans.

"We'll be looking at the ubiquitous marketing vehicles that lure seniors to sales seminars -- often at fancy hotels and restaurants -- with promises of the proverbial 'free lunch,' " SEC Chairman Christopher Cox said recently. The SEC already has launched a crackdown on these strategies in California and Florida.

The crackdown involves on-site exams of brokers and financial advisers. "We want to make sure that the sales pitches and the materials provided to attendees are in fact preapproved by the firm's supervisors, as required by the securities laws," Mr. Cox said.

Based on the invitations for free lunches and steak dinners we've been getting, we think this effort should have started much earlier.

But when it comes to the hard-selling of unsuitable financial services, it's better late than never.

We have nothing against financial seminars.

If you're very careful and don't immediately swallow the bait, they can prove an informative and painless way to learn things you probably didn't already know about money.

However, you always need to consider your age, net worth, income and financial objectives before you invest in anything. Then, you need to make certain the investment you're considering meets your objectives.

You also need to weigh fees. You can have the greatest investment in the world, but if half of your investment goes to pay a broker or insurance agent, you've picked a loser.

Plus, you never want to invest in anything you don't understand or can't easily document.

Mutual funds, hedge funds and annuities are among the variety of investments that will be targeted in this crackdown.

Broker-dealers generally are required to review and approve any sales literature used by agents. Regulators say they'll be checking to make sure they are.

They will be gathering advertisements and sales literature being provided at free meals to make certain that statements are true and that important information isn't omitted.

Meanwhile, if you get invited to a free lunch seminar, keep in mind that there's usually no really free lunch, regulators say. You've been invited for a special financial reason.

Research anyone conducting the seminars.

Go to your state securities regulator, the NASD (www.nasd.com) and SEC (www.sec.gov) Web sites to search backgrounds and confirm that those conducting the seminar are properly licensed.

If you are considering using a financial instrument plugged at the seminar, make certain you're getting it from the best possible source. In other words, if you're looking for a trust agreement, you want to make certain you get it from a lawyer rather than an insurance agent.

Considering taking advantage of an investment or program you hear about at a seminar? First, get all the information in writing. Don't be influenced by high-pressure tactics. Be sure to take plenty of time to review and discuss it.

Always get another opinion. Discuss it first with another financial planner or an attorney.

Don't get the wrong impression, Mr. Cox says. He has nothing against free lunches. Those throwing these extravaganzas just need to comply with the law.

Bottom line: The heat is on.

So, we're sorry to report, don't be surprised if any invitations for luxurious free lunches you've been getting lately soon start to dry up.