While people of any age can suffer financial losses resulting from investment
fraud, older investors are often targeted. A survey initiated by the Financial
Industry Regulatory Authority (FINRA) found that many older investors
participate in behaviors that put them at risk.
Senior Fraud Risk Survey evaluated investors with the intent to benchmark the normal behavior of
investors in the 55 to 64 age bracket. Two different groups were surveyed—a
national sample of Americans with at least $2,000 in securities investments
and 101 people who were identified as investment fraud victims by law
enforcement. According to the survey, approximately 80 percent of all
the respondents did not inquire about any previous law violations that
their broker may have had. Seventy percent admitted to not checking their
broker’s registration and 65 percent stated that they didn’t
confirm that their investment was registered.
Some of the other survey findings include:
- Approximately 60 percent of the victim sample selected a broker based on
a recommendation from a friend, family member, co-worker or neighbor.
- 21 percent of the victims went to a free lunch investment seminar.
- 70 percent of the victims surveyed made an investment due to advice.
It is important to note that when referring to older investors, these are
not people who are gullible or frail. They are individuals who may be
self-reliant, college educated and have an above average income. If you
have lost money due to investment fraud, Meyer Wilson may be able to help you.
Our law firm is nationally recognized and we have represented over 800
investors across the country. Contact us today or fill out our
online form. The case evaluation is free.