Elder Financial Fraud: What Everyone Needs to Know
The aging of the population has given rise to an alarming trend of elder financial fraud which impacts an increasing number of families across the United States. Financial services industry regulators including, the Securities and Exchange Commission (“SEC”), Financial Industry Regulatory Authority (“FINRA”) and Consumer Finance Protection Bureau (“CFPB”) have published studies and consumer alerts directed towards the elderly, family members and trusted advisors about how elder investors can avoid being victims of elder financial fraud. For those who believe protecting the elderly is everyone’s business consider the following to help determine whether someone you know is a victim of elder financial fraud:
- Why elderly investors become targets for financial fraud?
- What are examples of elder financial fraud?
- Who are potential perpetrators of elder financial fraud?
- Why do elderly persons hesitate reporting financial fraud?
- What steps can be taken to protect the elderly from financial fraud?
- How to determine someone is a victim of elder financial fraud?
Unfortunately, as individuals reach advanced age they are frequently targeted for investment fraud by individuals who see the elderly as targets that can be influenced by sales tactics intended persuade them to make inadvisable investments. Unethical financial advisors many times give the appearance of legitimacy by promoting an investment through various methods to unwary or unsophisticated investors. In some instances, financial advisors who offer “free” lunch seminars, use misleading professional designations, and peddle complex bundled financial and equity-index annuity products which many elderly investors cannot understand.
Klayman & Toskes, P.A. is dedicated to the rights of elderly investors and their families. In some instances, trust and wills create fiduciary duties owed by trustees and executors, to beneficiaries and heirs that are many times delegated to professional financial advisors. In this instance, we represent elderly investors when their retirement nest egg has been mismanaged by unscrupulous advisors. Many times, our law firm is sought out by estate planning lawyers, who might have prepared the trusts and wills, to assist in the assessment and prosecution of claims against financial professionals who have mismanaged estate assets. Trust and estate litigation cases which we represent include claims for breach of fiduciary duty, misrepresentation and omission of material facts, and unsuitable investment advice.
Klayman & Toskes, P.A. can help you determine whether an investment loss is the result of elder financial fraud. If an investor suffers losses as a result of elder financial fraud they may be able recover their losses in State Court or in a FINRA arbitration hearing.