Many fraudsters choose to prey on elderly victims because, especially in a poor economy, that’s where the money is: in retirement accounts and life-long savings. Unfortunately, many elderly investors are vulnerable to senior investment fraud due to medical issues, cognitive impairment, or a failure to dig deeper into the facts when given a great pitch.
If possible, take the time to speak to your parents or their family physician about how to handle these kinds of financial concerns over time, and ask questions about how and where they are investing their money.
Additionally, be on the lookout for these signs that elder financial abuse is occurring:
- Your parents talk about a new financial advisor or broker who “guarantees” high returns fast.
- Your parents have given control of or access to their financial accounts to another person.
- Your parents put their money in a new investment opportunity, but they have not received statements or documentation about the investment in writing.
- Your parents make their checks out directly to an investment advisor.
- Your parents don’t review their statements or don’t ask questions about suspicious transactions.
- Your parents have trouble contacting their advisor or the advisor fails to return their calls.
If you believe that your parents have already become victims of an investment scam or stockbroker misconduct, please speak with one of our experienced investment fraud attorneys as soon as possible to discuss options for recovery. The skilled investment fraud and stockbroker misconduct lawyers with Meyer Wilson represent harmed investors nationwide, and we would be happy to discuss your case and support you through stockbroker mediation, arbitration, and litigation as needed. Just give us a call today for more information.
You can learn more about the power of attorney, and how granting this to a trusted individual can help protect elderly investors, by watching our video below.