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Seniors Increasingly Targets of Illinois Investment Fraud

David P. Meyer

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 Ponzi schemes?

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 financial decisions.

The 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.