California securities fraud lawyers want to warn consumers, particularly senior citizens, about various types of securities fraud schemes.
Seniors can be prime targets for investment scams and fraud, as they often have excellent credit, own homes, and have a nest egg. One such type of fraud that seniors are particularly vulnerable to is affinity fraud, say California securities fraud lawyers.
Affinity fraud occurs when a salesperson gains a person’s trust, often by appearing to share common interests or background. Salespeople may even be hired specifically to gain the trust of a specific target group (such as seniors). California securities fraud lawyers say this type of fraud can be particularly dangerous, as it can be perpetrated on a large scale by consumers referring friends and family to the salesperson.
Another way that salespeople or financial advisors may try to deceive seniors and other consumers is by attempting to create an impression of expertise, according to California securities fraud lawyers. For example, an advisor may call himself a “Registered Elder Specialist,” which is merely an advertising gimmick.
California securities fraud lawyers also warn consumers to be wary of any financial promise that sounds too good to be true, as it could be a “bait and switch” scheme. In a bait and switch scheme, a salesperson may try to switch paperwork or persuade the buyer into a different investment than the one originally discussed.
Evans Law Firm, Inc. has offices throughout California and handles all types of securities fraud cases. If you have been a victim of securities fraud, please contact the Evans Law Firm, Inc. at 415-441-8669 or via email at firstname.lastname@example.org.