New FINRA Rule 2165 and Suspicions of Financial Elder Abuse
Regulators are finally addressing the epidemic of financial elder abuse in this country. Among those regulatory agencies is the Financial Industry Regulatory Authority (FINRA), the independent body that polices the nation’s financial industry. FINRA recently promulgated Rule 2165 which allows financial advisors to place a temporary hold on a senior’s account where an advisor suspects financial elder abuse of the senior. The hold can last from 15-25 days. That may not be enough time to completely thwart a financial abuser’s schemes, but it’s a start.
The Marin County and California financial elder abuse attorneys at Evans Law Firm, Inc. represent senior victims who have been financially abused or exploited by caregivers, persons operating under a Power of Attorney, unscrupulous trustees, financial advisors, insurance agents, or family members. Our financial elder abuse lawyers pursue all remedies available to seniors under the California Elder Abuse and Dependent Adult Civil Protection Act and various other California statutes protecting seniors. If you or someone you know is the victim of financial elder abuse in Marin County or elsewhere in California, call the California financial elder abuse attorneys at Evans Law Firm, Inc. today at 415-441-8669.
How the Temporary Hold Works
Under FINRA’s Rule 2165, any banker or other financial advisor to a senior or dependent adult is authorized to place a temporary freeze on that customer’s account when the banker or advisor suspects financial elder abuse of the customer. The banker or advisor may act on a reasonable suspicion; they do not need unquestioned evidence of the abuse. While a temporary hold is a commendable start, in reality financial elder abuse can be subtle or disguised or perpetrated by a person legally empowered to act on the senior’s behalf pursuant to a Power of Attorney or trust agreement. Or the abuser may simply be patient and wait until the hold is lifted to continue with the abusive scheme.
That’s why we recommend contacting counsel whenever you suspect financial elder abuse of a loved one, or even of yourself. A capable financial elder abuse attorney, such as the financial elder abuse attorneys at Evans Law Firm, can take immediate action to protect the victim and pursue all remedies available to permanently stop the abuse and recover from the abuser. If you suspect abuse, report it to the authorities as well. But also always communicate with counsel in order to obtain all relief and recovery possible, including the award of mandatory attorneys’ fees and costs to you for the expenses of bringing an action against the abuser.
Whatever you do, do not hesitate to come forward and seek the help of knowledgeable counsel. California leads the nation in protections for seniors against financial elder abuse and qualified California financial elder abuse lawyers, such as the financial elder abuse team at Evans Law Firm, know what those protections and remedies are. The State’s laws afford broad civil remedies to seniors– beyond restitution (getting your money back) – including extra damages and mandatory attorneys’ fees. Mandatory attorneys’ fees in elder abuse cases ease the burden of bringing suit. The time limitations on bringing a suit are strict and relatively short, so you need to act quickly if you have suffered economic loss from financial elder abuse.
If you or a loved one been the victim of financial elder abuse in Marin County or elsewhere 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:firstname.lastname@example.org”>email@example.com</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 if required, or toward an equitable settlement. We handle cases involving financial elder abuse, qui tam and whistleblower laws, whole, indexed universal, and universal life insurance, and indexed, variable, and fixed annuities.