Category: Elder Abuse

Seniors Face Increased Risk for Financial Exploitation During COVID19 Isolation

By: Courtney Werning, Esq. Our governments have taken severe measures to limit personal interactions with seniors in an effort to protect the population most vulnerable and at risk for the Coronovirus.  Isolating seniors, however, can exacerbate another problem to which seniors are particularly vulnerable: financial exploitation. According to a recent InvestmentNews article, isolating seniors creates… read more

Senior Investors Should Add a “Trusted Contact Person” to Their Investment Accounts

By Chad M. Kohler, Esq. In my law practice over the years, I’ve represented numerous senior investors who were the victims of elder financial abuse. In many cases, the fraud may have been detected much earlier if the investor had filled out paperwork with their brokerage firm adding a “trusted contact person” on their investment… read more

DOJ Announces Results of Largest National Elder Fraud Sweep

Investment fraud attorneys at Meyer Wilson discuss the FBI’s latest Elder Fraud sweep, the rights of victims and wronged investors, and how they help recover financial losses. Call to speak with a lawyer.

Tips to Protect Your Elderly Loved Ones from Financial Exploitation

Senior investors are among the most frequently targeted victims of financial exploitation. In order to better protect this group of people, the Financial Industry Regulatory Authority (FINRA),adopted new rules to allow brokers to take additional steps to protect senior investors and other specific groups, the first nationally standardized protection of its type in the nation…. read more

Are Brokerages and Advisors Doing Enough to Protect Seniors?

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 enough to prevent it. Senior Investment Fraud According to financial regulators, senior investment fraud is on the rise and financial companies are failing to… read more

Senator Enlists Regulators to Help Pass Senior Financial Protection Bill

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… read more

Emotions Make Older Adults More Susceptible to Fraud

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 misconduct often use the emotions of the victims to induce transactions. Seniors may be particularly susceptible to fraud. The study examined the impact that excitement and anger has… read more

Training for Senior Financial Abuse Awareness Offered by State Regulators

The North American Securities Administrators Association will soon begin training members on how to spot financial abuse of elderly investors. The program, Senior$afe, is designed to help investment advisers and brokers recognize the signs of senior financial abuse and report the matters to the proper authorities. Senior$afe was created by the Maine Council for Elder… read more

Survey Shows Slight Decrease in Elder Financial Abuse Claims

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. Might be The decrease may be driven in part by some financial and medical professionals who have begun working together to make sure elderly… read more

Financial Predators Turn to Insurance Products to Target the Elderly

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 avoided products like annuities and life insurance, but that has changed drastically in recent years. Fraudsters see the potential value in annuities and life insurance,… read more