Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Recent Posts in Elder Abuse Category

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Wall Street is not doing enough to protect senior investors. Financial regulators warn that senior financial fraud is on the rise, and brokerages and financial advisors are responsible for not doing ... Continue reading "Are Brokerages and Advisors Doing Enough to Protect Seniors?" »
Last month, we posted a blog discussing a new program — Senior$afe — created by the Maine Council for Elder Abuse Prevention that would help individuals spot and report financial abuse of ... Continue reading "Senator Enlists Regulators to Help Pass Senior Financial Protection Bill" »
According to research from Stanford, the FINRA Foundation, and AARP, inducing older adults’ emotions increases the risk of them buying falsely advertised investments. Brokers who participate in ... Continue reading "Emotions Make Older Adults More Susceptible to Fraud" »
The North American Securities Administrators Association will soon begin training members on how to spot financial abuse of elderly investors. The program, Senior$afe, is designed to help investment ... Continue reading "Training for Senior Financial Abuse Awareness Offered by State Regulators" »
According to the Investor Protection Trust, a nonprofit that advocates investor education, 17% of elderly Americans have been financially abused, which is down slightly from what it was six years ago. ... Continue reading "Survey Shows Slight Decrease in Elder Financial Abuse Claims" »
As the baby boomer generation continues to age, financial abuse grows in products like annuities and life insurance, a shift from fraud tactics of years past. Historically, unscrupulous advisors have ... Continue reading "Financial Predators Turn to Insurance Products to Target the Elderly" »
Brokers, brokerage firms, and others in the investment world are beginning to worry that securities regulators’ concerns over senior financial abuse could add more regulations and cost their ... Continue reading "Regulator Concerns Over Senior Financial Abuse Causes Firms to Worry About Increase Costs" »
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 ... Continue reading "Protecting the Elderly from Broker Fraud" »
Philip L. Grasso, formerly a broker with Allstate, allegedly defrauded two of his elderly customers out of $227,150 by diverting money from life insurance policies and annuities into his own accounts. ... Continue reading "Former Allstate Broker Philip Leonard Grasso Accused of Misappropriating Funds from Elderly Investors" »
On December 16, 2014, the Financial Industry Regulatory Authority ("FINRA") banned a Wells Fargo stockbroker from ever working in the industry again. According to the Letter of Acceptance, ... Continue reading "Wells Fargo Broker Banned For Stealing from Elderly Client" »
The Denver division of the Securities and Exchange Commission (SEC) announced today that it would be seeking sanctions against four insurance agents for allegedly defrauding elderly annuity holders. ... Continue reading "Four Insurance Agents Face Accusations of Defrauding the Elderly" »

Investigate Before You Invest

No one is immune to becoming a victim of investment fraud. From first-time investors to experienced investors, everyone needs to approach investment opportunities with caution. Statistically, senior ... Continue reading "Investigate Before You Invest" »
Regulators say that it is not a violation of privacy in the Gramm-Leach-Bliley Act for financial advisers to report suspected financial abuse of the elderly to local, state or federal agencies. Not ... Continue reading "Regulators Encourage Reporting of Suspected Elder Financial Abuse" »
Older investors may be more vulnerable to social media investment fraud. An experienced investment fraud lawyer explains more about these scams here. As more and more retirees and pre-retirees turn to ... Continue reading "Social Media Investment Fraud and Older Investors" »
“Catch Me If You Can” Con Artist Says Education is Key to Protection Against Senior Investment Fraud Frank Abagnale, the notorious con artist who inspired Steven Spielberg’s ... Continue reading "Catch Me If You Can Con Artist Offers Advice on Senior Investment Fraud" »
An estimated 7.3 Million people over the age of 65 have been the victims of financial fraud. That’s about 20% of all adults over 65. And, that number keeps growing. Just two years ago, in 2010, ... Continue reading "Aging Brains: More Vulnerable to Deception and Financial Fraud?" »
Aging Brains: More Vulnerable to Deception and Financial Fraud? An estimated 7.3 Million people over the age of 65 have been the victims of financial fraud. That’s about 20% of all adults over ... Continue reading "Aging Brains Reported to be Scientifically More Susceptible to Fraud" »
Three Senior Financial Fraud Tips in Honor of World Elder Abuse Awareness Day Each year, millions of senior citizens are conned out of a total of approximately $2.6 billion through various affinity ... Continue reading "Three Financial Fraud Tips on World Elder Abuse Awareness Day" »
Cognitive decline and dementia make it difficult for older Americans to manage their own finances. This is particularly true because of the plethora of new banking technologies that make remembering ... Continue reading "Protecting Your Loved Ones with Dementia from Financial Abuse" »
On May 5, the SEC obtained an emergency order to halt an alleged securities fraud scheme that the commission said was being perpetrated by Robert C. Butler. According to a litigation release, the SEC ... Continue reading "SEC Shuts Down California Man and Alleges Day Trading Scheme Targeted Seniors" »
Life insurance policies are expensive and many older adults decide they can either no longer afford the payments or no longer have a use for their policies once they retire. If you are an adult over ... Continue reading "What Seniors Need to Know About Selling Their Life Insurance Policies" »
Equity Indexed Annuities Promise High Returns...Paralleled With High Risk And High Fees Equity-indexed annuities are extremely popular right now. And, with purported returns of up to 8 percent and a ... Continue reading "Hidden Fees Make Equity-Indexed Annuities Bad Investment for Seniors" »
William Arthur Sassman II entered a guilty plea this past November on 13 alleged counts of grand theft in a case prosecuted by the U.S. Justice Department. Last Friday, he was sentenced to 18 years in ... Continue reading "Sassman sentenced to 18 Years in Prison, $4.5 Million in Restitution" »
The "Elder Investment Fraud and Financial Exploitation Prevention Program" is a new, nationwide collaborative effort of the Investor Protection Trust, adult protective services ... Continue reading "New Nationwide Collaborative Effort to Prevent Elder Investment Fraud" »
Steve W. Salutric was barred from the securities industry by an administrative proceeding Order on September 10, 2010, for allegedly stealing $1.8 million from at least 17 investors over the past ... Continue reading "Illinois Investment Advisor Barred From Industry For Stealing From Clients" »
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