April 20 marked the one-year anniversary of the Financial Industry Regulatory
Authority’s Securities Helpline for Seniors. This was a program
designed to help elderly investors protect themselves and report any potential
In its first year, the helpline has taken upwards of 4,200 calls and has
helped recover more than $1.3 million in voluntary reimbursements. This
is encouraging progress as 2014 saw the retirement assets in elderly Americans
at $3.5 trillion in 2014 and made them frequent targets for misconduct
and investment fraud.
The helpline has been useful in gathering information to provide investor
alerts, notify individuals of potential scams, and protect them from losing
money. The FINRA Helpline will also guide callers to the correct agency
or regulator should FINRA not have authority in the matter. In the year
since its founding, the FINRA Helpline has referred over 200 investment
fraud matters to regulators at the federal, state, and even international
level. It has also referred over 70 cases to Adult Protective Services
in 15 states under reporting laws.
Susan Axelrod, FINRA Executive Vice President, Regulatory Operations, made
the following statement,
“Financial fraud is a problem, and seniors are the most vulnerable.
Victims of fraud sometimes feel they have nowhere to go, or are embarrassed
to reach out. We are very pleased that investors are using our free helpline
and encourage seniors, or those caring for seniors, with investment-related
questions to give us a call."
At Meyer Wilson, we are dedicated to helping senior investors seek the
losses owed to them after investment fraud or misconduct. Our securities
fraud attorneys offer
free consultations so potential clients can understand their rights and options moving forward.
Call today to discuss your potential claim.