If you or an elderly loved one has been exploited financially, you may be able to recover losses through FINRA arbitration. Contact an experienced elder financial abuse attorney for more information.
Once a dependent adult or elder begins to decline cognitively, one of the first things that can no longer be trusted is the ability to make sound financial decisions. In these cases, it is critical that their power of attorney, guardian, and financial advisor prioritize their best interests.
However, when an attorney or other person close to an elder with the power to make financial decisions takes advantage of this cognitive decline, financial planners have an obligation to protect their client.
There are options available to financial advisors when elder financial abuse is suspected. Failure to take measures to protect the elder or dependent adult can result in successful arbitration through the Financial Industry Regulatory Authority (FINRA). A reputable elder financial abuse lawyer at Wolper Law Firm could help you get the justice you deserve.
What Constitutes Elder Financial Abuse?
There are seemingly endless ways the elderly can be financially abused. Maybe their power of attorney made a substantial withdrawal from their accounts, or perhaps a company preyed on the elderly by overcharging them for a product.
These are just a couple examples of instances where FINRA saw fit to compel the party that exploited the elderly to repay them for their actions. Furthermore, financial advisors can be held accountable for failing to prevent these occurrences, as they have a responsibility to take notice of suspicious transactions.
Steps to Take If Your Loved One Is Being Taken Advantage Of
If you suspect that you are a victim of elder financial abuse, or if you have a loved one who may have been exploited, you can take action by contacting a lawyer. Through FINRA arbitration, you may be able to recover these losses and bring those accountable to justice.
If your losses amount to less than $100,000, one arbitrator will hear your case; losses exceeding $100,000 must be heard by a panel of three arbitrators. Arbitration is similar to court in that both parties have the opportunity to present their case.
However, arbitration does not provide the opportunity for an appeal should the arbitrators deliver a decision that is not in your favor. However, the arbitration process can often be resolved in as few as 18 months; court could take years before a decision is made—let alone before compensation is paid. For this reason, FINRA arbitration is often an excellent option for victims of elder financial abuse.
Contact a Financial Abuse Lawyer for the Elderly
To learn more about how a qualified elder financial abuse lawyer at Wolper Law Firm could assist you in recovering your losses, schedule a free, confidential consultation so we can learn more about the individual details of your case. You can fill out the online contact form provided below or give us a call at 800.931.8452 when you are ready to get started on your arbitration complaint.