How Financial Abusers Target Older Investors
Protecting Your Loved Ones
Elderly men and women are vulnerable to financial elder abuse from multiple directions – including from their trusted financial advisors. Or the abuser may be an insurance agent selling an expensive and unsuitable insurance product, a caregiver stealing cash and credit cards, a trustee embezzling from a trust, and more. The Marin County financial elder abuse attorneys at Evans Law Firm, Inc. can represent you if you or a loved one is a victim financial elder abuse here in California at the hands of a financial advisor, insurance agent, caregiver, trustee, stock broker, person acting with a Power of Attorney for you, or any other individuals or businesses. If you or a loved one is a victim of financial elder abuse here in Marin or elsewhere in California, call our lawyers today at (415)441-8669.
Just recently, the Department of Justice (DOJ) announced details of a guilty plea in a case involving allegations of wire fraud and financial elder abuse against a financial advisor accused of allegedly stealing $6.1 million from elderly clients over many years. According to the DOJ, the defendant made at least 53 unauthorized transfers from his elderly client’s accounts to his own during the period 2007-2019. The government alleged that most of the money was held in client college savings plans for grandchildren or retirement plans managed by defendant for his older clients. The advisor’s employer has reported that all money misappropriated has been returned to the injured seniors.
Spotting Financial Elder Abuse
Early detection is a key to catching and stopping financial elder abuse. While physical contact with your senior loved ones may be difficult during the pandemic, you can still review their bank and brokerage firm statements every month and keep an eye on account balances. If they have an in-home caregiver be especially vigilant and remove cash, credit cards, and checks from reach. Whenever you first suspect financial abuse, reach out to counsel, such as the elder abuse lawyers at Evans Law Firm. Our litigators can investigate your case and will pursue all remedies available under California against those responsible for the abuse, including an award of attorneys’ fees and expenses in certain circumstances.
If you or a loved one has been the victim of financial elder abuse by a financial advisor, insurance agent, stock broker, retirement planner, investment promoter or other person here in Marin County or elsewhere in California contact Ingrid M. Evans and the other California financial elder abuse attorneys at Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</a>. Our attorneys also have experience with complex financial contracts and large insurance companies. We can help guide your case through filing a complaint, investigation and discovery through trial or an equitable settlement. We also handle cases involving physical and financial elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.