Elder Abuse Facts
- 1 in 5 senior citizens in the United States have been the victims of some form of financial fraud, such as broker fraud.
- Experts estimate that senior citizens in the U.S. lose up to $3 billion in financial scams every year.
- Brokers are business professionals, not friends.
- The elderly are more susceptible to confusion and more vulnerable to making decisions based on strong emotions. Brokers can exploit those facts. Seniors with undiagnosed Alzheimer’s or dementia are at especially high risk.
- There are many laws, regulations, and legal protections available for the victims of financial elder abuse.
- An elder investment fraud attorney can help victims recover every penny they’ve lost because of broker negligence or deceit.
Is Elder Abuse Increasing?
Elder abuse has become a focal point for state and federal regulators in the securities industry. Many states have formed task forces and enhanced existing anti-fraud statutes to address the concerns attendant to the exploitation of an aging “baby boom” population. Elderly clients and senior citizens are particularly vulnerable to financial misconduct and crimes. Elder abuse may involve unsuitable investment activity, unauthorized trading, breaches of fiduciary duty, excessive trading, or broker theft. It is critical that you closely monitor your account statements and confirmations for unusual or unauthorized trade activity.
What are Some Red Flags Indicating Elder Abuse?
Elder abuse can take many forms, including but not limited to:
- Unexplained withdrawals and deposits
- A surprisingly personal relationship between the elderly client and financial advisor
- Additional expenses being undertaken by the elderly client
- Excessive trading occurring in the elderly client’s account
- Unexplained transactions occurring in the elderly client’s account
- The financial advisor is exercising a great deal of control in the elderly client’s account
- Unsuitable investments being made for the elderly client that do not correspond to the client’s time horizon or needs
If you or your loved one has suffered investment losses and you believe a stockbroker or financial advisor’s carelessness or misconduct is to blame, please contact the Wolper Law Firm as soon as possible.
Call (954)-406-1231 to schedule a free, no-obligation consultation with an elder abuse lawyer today.