An estimated 7.3 million people over the age of 65 have been the victims
of financial fraud. That’s about 20 percent of all adults over 65.
Fraudsters often take advantage of cognitive decline or impaired decision
making in seniors, and many families don’t find out their loved
one has become a victim of fraud until it’s too late. If you are
concerned about your elderly parents or another family member, we encourage
you to talk to your loved one about investment scams and learn more about
spotting the signs of fraud.
complaint filed by FINRA this month highlights the problems of financial abuse with senior citizens.
FINRA accuses John Anthony Waszolek (CRD# 800403), a licensed stockbroker formerly at UBS Financial Services, Inc., of
allegedly attempting to make himself a beneficiary of his 81-year-old
customer. The customer had no children, was a widow, and was legally blind.
Waszolek allegedly transported her to a doctor appointment where the doctor
diagnosed her with Alzheimer’s disease. FINRA alleges that afterwards,
Waszolek attempted to amend the customer’s trust to name himself
residual beneficiary. In 2010, when the customer passed away, Waszolek
allegedly attempted to collect $1.8 million from the customer’s
FINRA describes Waszolek’s alleged behavior as “unethical”
in regard to accusations that he accepted the responsibility of successor
trustee and residual beneficiary to his client’s trust even though,
FINRA says, he knew that his client did not have the testamentary capacity
to do so. Waszolek is currently a registered stockbroker at Raymond James
Sadly, the elderly are the most common targets of investment fraud and
scams. If you have an elderly loved one, make sure that you know the
warning signs of senior investment scams –
- Mentions of a new financial advisor who is making promises or guarantees
- Giving complete control or even partial access of their financial accounts
to someone else
- Making out checks directly to an individual claiming to be an investment advisor
- Lack of financial statements detailing investments
At Meyer Wilson, we represent investors who have suffered financial losses
through investment fraud and misconduct. If you believe you or your loved
one has lost money this way, we invite you to contact our law firm for
a free review of your case today.