April 20 marked the one-year anniversary of the Financial Industry Regulatory Authority’s Securities Helpline for Seniors. This was a program designed to help elderly investors protect themselves and report any potential misconduct.
In its first year, the helpline has taken upwards of 4,200 calls and has helped recover more than $1.3 million in voluntary reimbursements. This is encouraging progress as 2014 saw the retirement assets in elderly Americans at $3.5 trillion in 2014 and made them frequent targets for misconduct and investment fraud.
The helpline has been useful in gathering information to provide investor alerts, notify individuals of potential scams, and protect them from losing money. The FINRA Helpline will also guide callers to the correct agency or regulator should FINRA not have authority in the matter. In the year since its founding, the FINRA Helpline has referred over 200 investment fraud matters to regulators at the federal, state, and even international level. It has also referred over 70 cases to Adult Protective Services in 15 states under reporting laws.
Susan Axelrod, FINRA Executive Vice President, Regulatory Operations, made the following statement,
“Financial fraud is a problem, and seniors are the most vulnerable. Victims of fraud sometimes feel they have nowhere to go, or are embarrassed to reach out. We are very pleased that investors are using our free helpline and encourage seniors, or those caring for seniors, with investment-related questions to give us a call."
At Meyer Wilson, we are dedicated to helping senior investors seek the losses owed to them after investment fraud or misconduct. Our securities fraud attorneys offer free consultations so potential clients can understand their rights and options moving forward. Call today to discuss your potential claim.