Massachusetts' top securities regulator has hit top Wall Street firms with a blanket of subpoenas, saying he fears elderly people are being targeted for high-risk, alternative investment products.

Massachusetts Secretary of the Commonwealth William F. Galvin said on Wednesday subpoenas have gone out to a group of firms including Morgan Stanley, UBS AG, Fidelity Investments, Bank of America Corp's Merrill Lynch, Wells Fargo & Co and Charles Schwab Corp .