Open Accessibility Menu
Meet Our Legal Team
  • Attorneys David Meyer and Matthew Wilson have been selected to the list of Super Lawyers since 2011 and 2015 respectively.

  • Attorney David Meyer is a member of the Million Dollar Advocates Forum, an organization recognizing attorneys who have secured million dollar cases.

  • Martindale-Hubbell® Peer Review Ratings™ has recognized attorney David Meyer as an AV Preeminent® attorney in High Ethical Standing.

  • Attorneys David Meyer and Matthew Wilson have received a 10 out of 10 “Superb” rating on Avvo, calculated based on stringent and exhaustive criteria.

  • Attorney David Meyerhas been selected to the list of the Best Lawyers in America® for Mass Tort Litigation / Class Actions – Plaintiffs and Professional Malpractice Law – Plaintiffs every year since 2011.

  • Attorney David Meyer was selected as the 2015 Lawyer of the Year for Professional Malpractice Law – Plaintiffs for Columbus, OH by Best Lawyers®.

  • Meyer Wilson was ranked as a Tier 1 Best Law Firm for both Mass Tort Litigation / Class Actions – Plaintiffs and Professional Malpractice Law – Plaintiffs by U.S. News.

What is the brokerage firm's role in detecting and preventing financial abuse of seniors?​

As our population continues to grow older, the financial abuse of senior customers of brokerage firm has become a critical issue. Brokerage firms have an affirmative duty to monitor senior customers’ accounts in order to detect and prevent potential financial abuse of senior customers. And, if a brokerage firm fails to develop, implement, and maintain reasonable policies and procedures that aim to detect and prevent potential financial abuse of senior customers, then the brokerage firm should be held legally responsible and required to pay for the losses that the senior customer has suffered.

Elder financial abuse comes in many forms. Oftentimes it involves a loved one or caregiver taking advantage of a senior customer. Sometimes it’s perpetuated by a third party who inserts themselves into the customer’s life and begins taking control over the investor’s financial affairs. In other instances, it may even be the financial advisor who is engaging in the misconduct. The motive in these cases is always the same – the schemer wants to rob the senior investor their hard earned savings.

For many years now, regulators and investor advocates have been warning brokerage firms about the need take on the issue of financial abuse head on. In 2012, the U.S. Government Accounting Office called senior financial abuse “an epidemic. ”Our law firm has certainly seen an increase in these types of cases in recent years.

When dealing with senior investors, brokerage firms must be on the lookout for well-known red flags indicating potential financial abuse. These include such things as the unexplained disappearance of cash; writing checks to cash, taking loans, giving large gifts, or entering into other uncharacteristic financial transactions; not paying routine bills or expenses; and changing power of attorney or beneficiaries on insurance or investment accounts.

Frequent targets may include people who are suffering bereavement from the loss of a loved one, as well as elderly investors who are suffering from diminished capacity.

When a financial advisor becomes aware of suspected financial abuse of an elderly customer, the brokerage firm must immediately take steps to protect the customer, including putting temporary holds on the accounts, talking in detail with the customer, and reporting the suspected abuse to the appropriate local authorities.

If you or someone you care about has lost money as a result of the financial abuse of a senior investor, please give us a call at (888) 390-6491 today for a complementary case evaluation.

Need More Information?

Investment misconduct can be complex and confusing. That’s why we’re here to help you. Visit our Common Questions page to find in depth answers directly from our attorneys. Get More Answers
Have You Been a Victim of Investment Fraud?

You trusted your financial advisor with your money, but now you're left wondering what went wrong. If you or a loved one suffered losses because of investment misconduct, Meyer Wilson can step in and fight to recover your losses. The team of investment fraud lawyers at the firm has been helping people like you since 1999 by winning judgments, settlements and verdicts worth hundreds of millions of dollars against brokerage firms, financial advisors and banks.

Get Help With Your Case Now

  • Please enter the name of the investment firm.
  • Please enter how much money you lost.
  • Please enter your first name.
  • Please enter your last name.
  • This isn't a valid email address.
    Please enter your email address.
  • This isn't a valid phone number.
    Please enter your phone number.
    You entered an invalid number.
  • Please enter a message.