If you or your loved one have been taken advantage of by a financial advisor, contact a qualified elder financial abuse lawyer to discuss your options for financial recovery.
It is more common than you might think for stockbrokers, brokerage firms, and financial advisors to fail to act in the best interests of their senior-aged clients. Some of these clients may be new to investing, easily misled into unsuitable investments, or even lacking in cognitive ability.
The Financial Industry Regulatory Authority (FINRA) takes financial abuse of seniors seriously. If you or a senior family member have suffered considerable investment losses due to the inappropriate conduct of a financial advisor, you may be able to recover these losses through FINRA arbitration.
A respected senior financial abuse lawyer at Wolper Law Firm could help you throughout your case. While you focus on figuring out how to get through this difficult time in your life, your lawyer will work diligently to build a compelling case against your financial advisor so the panel of arbitrators have no choice but to decide that restitution is appropriate.
What Is Senior Financial Abuse?
Senior investors, particularly those who are new to investing after having inherited money from a deceased spouse, sibling, other family member or are generally new to the investment world, are at risk for being taken advantage of by their financial advisors.
There is also a possibility that the elderly may experience a cognitive decline, which could impact their ability to understand the investment opportunities being presented to them in their entirety.
Financial advisors have an obligation to ensure that senior investors are fully aware of the risks of an investment opportunity and that they understand how their money is being invested.
When a broker or a financial advisor misleads, omits information, makes unauthorized trades, suggests unsuitable investments, or fails to prioritize the financial interests of the client and substantial losses occur, they can be held accountable in FINRA arbitration and be ordered to pay restitution to the wronged investor.
FINRA Arbitration Proceedings for Elder Financial Abuse
When a financial advisor, stockbroker, or brokerage firm engages in misconduct, such as elder financial abuse, they can be ordered to repay the senior investor in full in some cases. It starts by initiating a FINRA arbitration complaint. If FINRA agrees to hear your case, your financial advisor will need to explain to a panel of arbitrators their reasoning for their investment recommendations.
If after hearing both parties present their case the arbitrators determine that misconduct or negligence has occurred, they may order that the senior be paid restitution for their investment losses. You can learn more about what to expect in your FINRA arbitration hearing after meeting with your lawyer.
Meet with a Lawyer About Your Senior Financial Abuse Case
If you are interested in learning more about how an experienced senior financial abuse lawyer at Wolper Law Firm could help you with your FINRA arbitration complaint, schedule a free no-obligation consultation by calling our office at 800.931.8452 or completing the convenient contact form included below.