NEW YORK (CNN/Money) - Stock analysts and unscrupulous brokers have joined the list of those engaged in top investor scams, according to an organization of state regulators released Monday.

"Record-low interest rates and a bear market on Wall Street have created a bull market in fraud on Main Street," said Joseph Borg, president of the North American Securities Administrators Association, which includes the securities regulators from the 66 states, provinces and territories in the United States, Canada and Mexico.

New to the list this year is conflicts of interest by stock analysts in making recommendations to investors. The organization points out that it was a state official, New York Attorney General Eliot Spitzer, who led the way on this problem, winning a $100 million settlement from leading brokerage house Merrill Lynch & Co., along with promises to reform research practices. It said other state investigators are reviewing materials provided by a dozen firms for possible securities law violations.

But state action in this area is under attack by Wall Street, according to the group. The organization said Morgan Stanley Dean Witter tried to introduce language into federal legislation in June that would have stopped states' probes into whether analysts intentionally misled investors. It said the NASAA led the fight to keep that limitation out of the final draft of the legislation. Morgan Stanley declined to comment on NASAA's claim.

The organization listed unlicensed individuals, such as independent insurance agents, selling securities as the No. 1 investors fraud of the year, and unscrupulous stockbrokers as No. 2. Among the abuses it cited investors in at least 14 states losing close to $30 million from the sale of fictitious limited partnerships by independent insurance agents, as well as stockbrokers in North Dakota who allegedly issued phony account statements to cover up losses from hundreds of unauthorized trades.

Charitable gift annuities and oil and natural gas scams were among the other new additions to this year's list of top scams. This is the third year the NASAA has compiled the list of investment scams.