Brokerage Firm's Responsibility to Detect & Prevent

Investor Claims Is What We Do - All Day, Every Day

Since 1999 our law firm has recovered more than $350,000,000 for victims of investment fraud and misconduct.
  • Jury Verdict Won Against Prudential Securities $262 Million
  • Recovered for 100-Year Old Widow $30 Million
  • Recovered in Retirement Losses $10 Million
  • Recovered for a Large Group of Individual Investors $6.5 Million
  • Recovered for Elderly Victim in Ponzi Scheme Case $3.8 Million
  • Recovered for Elderly Ponzi Scheme Victim $3.2 Million
  • Recovered for More Than 50 Families of Ponzi Scheme in California $3.2 Million
  • Recovered for 35 Families in Northeast Ohio $3.1 Million
  • Losses Recovered for 20 Retirees $3 Million
  • Recovered for Retired Physician Against Major Wall Street Firm Prior to Filing FINRA Arbitration $2.5 Million

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 (800) 738-1960 today for a complementary case evaluation.

The Meyer Wilson Way

Results-Focused Representation
  • More than $350,000,000 Recovered
  • Voted Best Lawyers in America® for over Ten Years Running
  • David Meyer is President of Public Investors Advocate Bar Association (PIABA)
  • Over a Thousand Investor Claim Cases Since 1999
  • Exclusive Focus on Investor Claims & Class/Mass Action Lawsuits
  • Deep Bench of Skilled Attorneys and Staff Members


Meyer Wilson has represented over 1,000 individual investors in high-stakes claims across the country, and has recovered over $350 million on their behalves. See what former clients have to say about our team.

  • “I primarily worked with Courtney Werning throughout the process and she was informative and knowledgeable. I trusted and fully recommend Courtney and her team.”

    - S.R.
  • “The communication throughout the process was on par - and they took the time to indulge me with the various questions and opinions.”

    - R.G.
  • “What I truly appreciated was getting a great result for my Mom with limited involvement/stress on her.”

    - S.W.
  • “We went to arbitration with the other respondent and I got to see firsthand the level of professionalism and expertise the Meyer Wilson firm can deliver.”

    - D.V.
  • “Chad would take the time to call and talk with me. His explanations were always clear and concise. I also appreciate all the effort put into the details and statistics required to argue this case.”

    - P.N.
  • “Meyer Wilson was able to produce the results that we felt were obvious and warranted while several other firms and even state offices simply had trouble understanding let alone moving the case forward.”

    - B.K.
  • “My overall experience was positive and I would encourage anyone who even thinks they have been a victim of stockbroker misconduct to call David.”

    - S.T.
  • “Meyer Wilson represented me in a suit brought last year against my brokerage firm, securing a very fair and equitable settlement for me.”

    - R.G., M.D.
  • “Right from the start, you had the passion and desire to win this case for us. I have never worked with an attorney or firm as compassionate as yours. I would highly recommend your firm to anyone.”

    - G.A.

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