National investment fraud lawyers KlaymanToskes reports a new bill pending in the U.S. Senate. This bill aims to reduce and prevent elder financial abuse and fraud for those 65 and older. Also, this includes younger individuals with qualifying impairments. Known as the “Financial Exploitation Prevention Act of 2023″, the bill passed the House of Representatives in January 2023 and is now awaiting the approval of the Senate Banking Committee.
If passed, Congress’ new bill would allow registered open-ended investment companies (including mutual funds, exchange-traded funds, hedge funds, some annuities, and other pooled investments) and/or their agents to postpone a requested redemption of a security or fund for up to 25 days if it is believed to exploit the investor. The bill would apply to those who are at least age 65 (or younger with qualifying impairments). It would authorize state regulators, courts, or administrative agencies to delay payment further if deemed necessary.
According to an elder exploitation study conducted by AARP in 2020, the national cost of elder financial fraud is estimated to be over $3 billion yearly, based on reported cases. The average loss per incident of elder financial abuse is estimated to be $120,000. Additionally, the study further found that older adults with cognitive challenges lose a disproportionate amount of money to exploitation and face nearly twice as much loss.
If you or a loved one have been a victim of elder financial abuse or fraud, contact attorney Lawrence L. Klayman, Esq. at 888-997-9956 or by email at email@example.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.
KlaymanToskes is dedicated to the protection of the rights of elderly investors and their families. The representation of elderly investors has included claims for violations of securities industry rules and regulations related to unsuitable investment advice, misrepresentations and omissions (of material facts), conflicts of interest, and financial institutions’ failure to supervise its brokers and financial advisors.
If you or a loved one have experienced elder exploitation, abuse, or fraud, contact attorney Lawrence L. Klayman, Esq. at 888-997-9956 or by email at firstname.lastname@example.org 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.
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 over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq.