Category: Financial Exploitation

ATTORNEY NEWSLETTER A consumer advisory regarding pension advances has been issued by the Consumer Financial Protection Bureau. A pension advance is a cash advance in exchange for future pension payments. These companies often charge high interest rates and fees. Although it is illegal for lenders to take a military or […]

ATTORNEY NEWSLETTER Seniors have increasingly become a target of many crimes. As elders get older, their ability to make smart financial decisions become tougher. As a result, elders will often fall prey to financial elder abuse. According to the National Center on Elder Abuse, financial elder abuse is the illegal […]

ATTORNEY NEWSLETTER Seniors and elders are the main targets for insurance and annuity scams. Scammers may set up fake insurance companies or loan seniors and elders money to invest in insurance using fake applications so when the senior or elder dies, the scammer receives all the money. Read the following […]

ATTORNEY NEWSLETTER Indexed Universal Life insurance policies are a type of permanent life insurance policy that bases its gains on how the stock market performs. If the stock market is doing well, then gains are higher and vice versa.  However, some insurance agents may be providing buyers with misleading information […]

ATTORNEY NEWSLETTER Astonishingly, even before completing discovery, or trial, one of two federal fraud suits against Omnicare has returned an unprecedented settlement, a staggering $124 million. The two qui tam suits filed against Omnicare are: United States ex rel Gale v. Omnicare, Inc., and United States ex rel Silver v. […]

ATTORNEY NEWSLETTER The Securities and Exchange Commission recently issued an investor alert to inform investors about a type of investment scam. Affinity fraud is a form of investment scam that targets members of identifiable groups. The groups targeted could be religious, elderly, ethnic, or any other group that shares common […]

ATTORNEY NEWSLETTER According to an article in the Glendale News Press in December 2013, a 52- year-old man named Kaveh Vahedi was sentenced to prison. The defendant allegedly scammed millions of dollars out of many victims. It was alleged that his own elderly parents were victims of his scam. According […]

ATTORNEY NEWSLETTER Recent gains in the stock market have been a source of optimism for investors.  The rising stock market has also broadened the appeal of certain investments that are linked to stock performance.  Two kinds of life insurance policies that connect benefits to stocks are variable universal life and […]

ATTORNEY NEWSLETTER A Los Angeles area insurance agent accused of defrauding senior citizens was sentenced to five years in jail and ordered by the court to pay $1.2 million to compensate his victims.  He will serve his lockup time at the Los Angeles County Jail.   He was accused of participating […]

ATTORNEY NEWSLETTER A Wells Fargo financial professional recently helped to save a client from losing money in a scam targeting senior citizens.  The 78-year old client thought that he won an overseas lottery.  Instead, he became a victim of financial elder abuse via a typical lottery scam.  The Wells Fargo […]