One of the major avenues by which elder abusers get money from their victims is through the sale of fraudulent investments and securities. While the most reported cases of elder abuse may involve physical violence or tawdry familial misdeeds, financial abuse be investment advisors and financial professionals may be the most pervasive form of elder abuse, as well as the most expensive for seniors.
A recent case handled by a law firm in the Los Angeles area is indicative of the kind of malfeasance carried out by crooked brokers and investment advisors. In an all-too-familiar scenario, a senior citizen invested her life savings with an investment advisor who promised guaranteed high returns, a very tempting offer for a senior living on a fixed income. However, rather than delivering on his promise, the investor sold her worthless and unregistered securities, using his association with larger and more well-known companies, including MetLife, to earn the trust of his victims.
A jury agreed with the allegations that Metlife and its subsidiaries tacitly endorsed the investor’s practices, and awarded his victim $16 million. The case, which was expedited due to the victim’s medical condition, may pave the way for other victims of this investor to seek justice in court, and may help raise awareness of this type of elder abuse. Our Los Angeles securities fraud attorneys have seen many cases where seniors and their families weren’t aware that this type of abuse existed or was being perpetrated against them.
Securities fraud is a serious issue, especially in the field of elder abuse. In addition to products like annuities and life insurance, securities are often sold to seniors by brokers who are targeting their saving, and who may use unscrupulous tactics to convince seniors that they are likely to perform better than they actually do. Inaccurate illustrations and marketing materials often target senior’s fears of outliving their savings, losing their homes, or becoming too much of a burden to friends and families.
The best protection against this type of abuse lies in staying involved in the lives and decisions of your senior loved ones, and in paying attention to their financial state and decisions. It can be hard to talk about money with family and friends, especially when they might not want to. But it’s essential to stay involved and aware of who is handling seniors’ finances and whether they are being financially abused.
Some of the major annuity and life insurance providers are:
- Aviva/Athene/Accordia Life Insurance Company
- Transamerica Life Insurance Company
- John Hancock Life Insurance Company
- Bankers Life Insurance and Casualty company
- Massachusetts Mutual Life Insurance Company
- Midland Life Insurance Company
- North American Company for Life and Health Insurance
- Pacific Life Insurance Company
- Prudential Life Insurance Company
- Genworth Life Insurance Company
- ING USA Annuity and Life Insurance Company
- Lincoln Benefit Life Company
- Metlife/Metropolitan Life Insurance Company
- Unum Life Insurance Company of America
- Voya/Reliastar Life Insurance Company
If you or a loved on have been the victim of elder abuse, contact the Evans Law Firm at (415) 441-8669, or by email at firstname.lastname@example.org. Our Los Angeles securities fraud attorneys have experience handling cases involving complex financial instruments, working with the SEC, and seeking justice in a jury trial or through an equitable settlement.