Senior$afe To Put a Halt to Elderly Abuse
Each year approximately five million senior citizens fall victim to financial elder abuse in this country. The financial toll on older Americans is estimated by some at $30 billion annually. The number of elder abuse victims and the financial loss if anything may be understated as so much elder abuse goes unreported. In short, financial elder abuse is an epidemic and Congress appears to be poised to do something further about it. Earlier this Spring, Congress passed the Senior$afe Act of 2017 (“Senior$afe”), which is now awaiting signature into law. The idea of the Senior$afe is to make financial advisors the first line of defense against financial elder abuse. The stated purpose of Senior$afe is:
This bill extends immunity from liability to certain individuals who, in good faith and with reasonable care, disclose the suspected exploitation of a senior citizen to a regulatory or law-enforcement agency. Specifically, this immunity shall apply to certain credit-union, depository-institution, investment-adviser, broker-dealer, insurance-company, and insurance-agency employees who have received specified training related to identifying and reporting the suspected exploitation of a senior citizen. Similarly, the employing financial institution shall not be liable with respect to disclosures made by such employees.
Under the new law, investment advisors will be protected from any potential liability for invasion of privacy and the like once they report suspected financial abuse of a senior or dependent adult. Senior$afe also provides for additional training for advisor to help them know what to look for in potential fraud cases.
The act has resulted in hundreds being trained for fraud cases. Studies have shown that older people who talk to a trusted third party have been able to avoid imminent fraud. Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), sponsors of Senior$afe, state, view the bill as “a much-needed step in the fight against financial exploitation of seniors.” While the senior safe act won’t end financial elder abuse, it will greatly help.
If you or a loved one been the victim of financial elder abuse or securities fraud in Marin County or anywhere else in California, contact California financial elder abuse attorney Ingrid Evans and the other Evans Law Firm financial elder abuse attorneys at (415) 441-8669, or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</a>. Our attorneys have experience with all types of financial elder abuse, investment and securities fraud and annuity fraud. We can help guide your case through a bench or jury trial, or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.