Last month, we
posted a blog discussing a new program — Senior$afe — created by the Maine
Council for Elder Abuse Prevention that would help individuals spot and
report financial abuse of elderly investors. The Senior$afe initiative
in Maine has been in place for some time now, and over 50 referrals have
been reported to agencies regarding suspected elderly financial abuse.
Now, Senator Susan Collins (R-ME) has called on the state’s securities
regulators to help pass a new federal bill to make reporting of senior
financial abuse easier.
The legislation being proposed would allow the employees of financial firms,
as well as the firms themselves, to have liability protection if they
report possible financial abuse of elderly investors to the proper agency.
The bill has seven bipartisan cosponsors, but Senator Collins is looking
for more support to ensure the bill can be passed by the Senate Banking
Committee. The federal bill would allow all 50 states to place protections
for firms and employees who report financial abuse and make the process
work more efficiently and easier.
The North American Securities Administrators Association (NASAA) has also
introduced new measures to combat elder abuse. It has recently approved
a model rule to help protect seniors from financial abuse. This model
is now being considered by individual state legislatures and is designed
to protect vulnerable adults from financial exploitation by combining
mandatory reporting requirements and immunity for reporting.
Learn more about the new bill and what it can do to help protect an elderly
investor. If you’ve already been the victim of investment fraud
contact our firm today.