Is it common for older people to be victims of financial fraud?
| November 18, 2019
A 2010 study by the Investor Protection Trust found that 20% of older Americans – or one out of every five senior citizens – has been sold an inappropriate investment, paid exorbitant fees, or been the victim of financial fraud. Research by MetLife put the collective financial losses of older Americans due to these inappropriate activities at just under $3 billion in 2010.
Data from the North American Securities Administrators Association (NASAA) further supports these figures. According to NASAA, about 44% of consumer complaints come from senior citizens and about 33% of enforcement actions involve senior citizen investment fraud.
If you or your elderly parent has been the victim of financial fraud, then you may have the right to seek compensation. An experienced investment fraud lawyer at Meyer Wilson can advise you about your legal rights.
Our law firm is currently the one in the state of Ohio that is exclusively dedicated to representing victims of financial fraud, securities scams, and investment misconduct. We regularly represent senior investors in stockbroker mediation, arbitration, and litigation claims.