Elder Fraud (Financial Exploitation of the Elderly)
Seniors often fall prey to unscrupulous brokers who disregard their investment goals and tolerance for risk. Misleading “free lunch” sometimes promote the sale of financial products that are often completely unsuitable for seniors. The elderly are the fastest growing segment of our society and they are also the financial backbone to our country’s economy. They are living longer and need to save more than ever before. We as a society do not always recognize the threats to this vulnerable population. Threats include physical and mental health issues such as stroke, Alzheimer’s, isolationism, and other causes still exist in spite of our best efforts to protect our seniors.
Seniors Should Choose their Broker Carefully to Avoid Losses
A broker and brokerage firm’s procedures and controls should take into consideration the age, work-life, and life stage (whether pre-retired, semi-retired or retired) of their customers. Of particular concern is the suitability of recommendations to senior investors, communications targeting older investors, and potentially abusive or unscrupulous sales practices or exploitation targeting senior investors. For example, certain securities such as private placements, penny stocks and other speculative securities may not be suitable for a senior investor relying on their investments for income.Dealing with senior citizens and those approaching retirement requires special care and planning, as well as providing for their special needs of liquidity, income and safety.
If You or a Loved One Has Suffered Losses There is Hope
If you or a loved one find that the portfolio having experienced greater than expected losses and you are in or approaching retirement, you may have an actionable claim. To help us evaluate your chances for a successful recovery for an “Elder Fraud” claim we offer a free and confidential claim evaluation.