KlaymanToskes Investigates Elder Fraud Scams in 2023

April 25, 2023

Are You A Victim of Elder Financial Fraud? Contact KlaymanToskes

National investment fraud lawyers KlaymanToskes issues an important notice to victims of elder financial abuse and fraud in response to the firm’s continued investigation of scams that seek to exploit elderly investors. The firm remains dedicated to restoring the financial lifestyles of retired and elderly victims of fraud and other financial crimes.

The firm recently reported that the U.S. Senate is considering a new bill to reduce and prevent elder fraud. If passed the bill would postpone a requested redemption of a security or fund for up to 25 days if it is believed to exploit the investor. 

According to a recent analysis of fraud scams by the Federal Bureau of Investigations (FBI), retired and elderly individuals tend to be targeted by scammers due to their trusting and polite nature, along with resources, savings, and other assets such as social security that fraudsters seek to exploit.

KlaymanToskes Investigates Common Types of Elder Fraud:

The following is a list of the most common types of elder financial fraud scams that anti-fraud experts are paying close attention to in 2023:

Romance Scams: Older individuals may be at risk of being duped by fraudsters who claim they are looking for love. If your bank or brokerage firm failed to detect and stop the transfer of funds to a romance scammer, they may be held responsible for your losses.

Ponzi Schemes: A Ponzi Scheme is a type of fraud whereby scammers pay existing investors with funds collected from new investors. Scammers will trick you into believing your money is being invested in a low-risk, high-return fund, but instead never invest the money. If you suspect that your broker or investment advisor may have recommended you to invest in a Ponzi-like scheme, contact investment loss attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation.

Bank/Government Impersonator Scams: Some victims of elder fraud may receive phone calls from individuals who claim to be from their banking institution, but are in fact scammers. If an individual immediately asks you for a one-time code or for you to enter something on the computer, you should hang up, call your bank, and ask if there really is someone trying to contact you. Some scammers may also pose as government employees and threaten elders with prosecution or other consequences if they refuse to pay them. 

Charity/Lottery Scams: Scammers may claim to work for a well-known charity or non-profit organization to gain elders’ trust. Some may claim that you have won a lottery, contest, or sweepstake, which you can then collect for a “fee,” or which you need to “reserve”.

Cryptocurrency Scams: Often these scams may be combined with a romance scam or other type of misleading representation. Scammers may set up fake “get your crypto cash back” websites in order to get your information. Upon responding to these scammers, they generally request an advance fee for their services. These services may not actually exist, and you may lose your payment as well as any resulting damages from the information they have access to.

“Wrong Number” Text Scams: Scammers may send seemingly innocent and friendly texts such as “I have to reschedule our meeting” in an attempt to receive a reply. These messages are usually intended to seem urgent, however, upon continuing the conversation, the scammer seeks to earn cash, credit card info, or crypto investments. 

How Retirees and Elders May Recover From Investment Losses and Fraud:

KlaymanToskes is dedicated to the protection of the rights of elderly investors and their families. The firm has historically represented a number of elderly clients and retirees, and has helped them restore their financial lifestyles through investment loss recovery.

In a recent FINRA arbitration claim filing, the firm represents a retired elderly couple whose financial advisor made unsuitable investment recommendations resulting in $650,000 in damages. The firm also currently represents a disabled retiree who sought low-risk investments with stable returns from his financial advisor, and instead received an unsuitable speculative stock portfolio that resulted in over $500,000 in damages. 

​​If you or a loved one have experienced elder exploitation, abuse, or fraud, contact attorney Lawrence L. Klayman, Esq. for a free consultation at 888-997-9956 or by email at lklayman@klaymantoskes.com to discuss recovery options. All consultations are free and confidential. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you. 

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.


KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.