A recent report out of Illinois focused not only on the rise of investment
fraud that targets the elderly, but also on why seniors are so often taken
in by Illinois investment fraud and other scams across the nation. There's
no doubt that investment fraud is on the rise, and it's estimated
that one in five seniors over the age of 65 has been taken in by financial
fraud, according to a 2010 Investor Protection Trust Survey.
Why does financial fraud work on older investors?
Part of the problem is that many of these fraudsters work hard to "befriend"
seniors before making a pitch. Many older victims of financial fraud admit
that the fraudster gained their trust by buying lunches, attending birthday
parties and family weddings, and dropping by investors' homes. One
investor said of the fraudster who had lured in her and her husband, "We
are so duped by personalities. They were such nice people, easy to talk
to, easy to work with and we trusted them."
What can Illinois seniors do to avoid investment fraud and
The best thing you can do is take advantage of educational resources and
always do your research before investing. Take a trusted friend or family
member to each meeting with your broker or financial advisor, and don't
be taken in by gracious offers and friendly banter when it comes to making
Illinois investment fraud lawyers with Meyer Wilson represent senior investors who have been the victim
of stock scams, investment fraud, and Ponzi schemes. We have recovered
millions of dollars in losses for our clients and look forward to speaking with you.