Financial Elder Abuse And Investment Accounts
Seventy percent of personal wealth in the U.S. is held by seniors, and the senior population is growing rapidly. Ten thousand Americans turn 65 years old every day, a pace that won’t slow down until around 2030. As one regulator put it, this confluence of factors creates a “perfect storm” for financially exploitation of seniors. Seniors, with money to invest but limited investment know how, may turn to stock brokers for honest investment counseling and recommendations. In many cases the relationship with the broker remains honest and productive. In other cases, however, an unscrupulous broker may take advantage of the senior customer’s diminished faculties or inattention and turn the account into a high velocity trading account and put the senior in risky and unsuitable investments. The broker’s conduct may constitute financial elder abuse in those situations.
The Marin County and California financial elder abuse attorneys at Evans Law Firm, Inc. represent senior victims who have been sold unsuitable products by advisors or brokers or lost money due to churning or excessive trading in an investment account. Our financial elder abuse lawyers pursue all remedies available to seniors under the California Elder Abuse and Dependent Adult Civil Protection Act and other statutes designed to protect California seniors from financial elder abuse. If you or someone you know is the victim of financial elder abuse in Marin County or elsewhere in California, call Evans Law Firm today at 415-441-8669.
Typically, brokerage account agreements require aggrieved customers, including seniors, to arbitrate disputes with their broker in a Financial Industry Regulatory Authority (FINRA) arbitration proceeding. Financial elder abuse and securities lawyers at Evans Law Firm represent seniors in those FINRA Arbitrations. Our lawyers know the procedures for such proceedings and understand the most effective ways to marshal and present evidence of the broker’s abusive practices.
California leads the nation in protections for seniors against financial elder abuse. The State’s laws afford broad civil remedies to seniors– compensatory damages, the award of mandatory attorneys’ fees and all other remedies otherwise provided by law. These other remedies may include punitive damages and treble damages where the broker is guilty of oppression, fraud, or malice. Seniors are often reluctant to come forward either because they are embarrassed by what has happened to them or because they do not understand their rights under California law. If you are a senior or the loved one of a senior who has been the victim of financial elder abuse, don’t hesitate to come forward. If your brokerage agreement requires a FINRA Arbitration, don’t be intimidated by that requirement. The financial elder abuse attorneys at Evans Law Firm, Inc. can represent you in your FINRA arbitration and pursue your case through investigation, discovery, trial or arbitration and toward a resolution.
If you or a loved one been the victim of financial elder abuse or securities fraud in Marin County or elsewhere in California, contact California 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 jury trial, through a FINRA arbitration, 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.