Seniors Targets of Financial Elder Abuse
If You’re a Victim, We Can Help
When Brokers, Agents, and Advisors Prey on the Elderly
Stock brokers, insurance agents and financial advisors often target the elderly and ingratiate themselves to older persons in order to sell them products they do not need or which are unsuitable, take over their accounts and execute unauthorized trades, or just withdraw their money outright. The San Francisco financial elder abuse attorneys at Evans Law Firm, Inc. represent California seniors who suffer financial elder abuse at the hands of insurance agents, financial advisors, retirement planners and stockbrokers whether by sales of unsuitable investments including annuities, unauthorized trades, misrepresenting investments, failing to disclose important information, or theft. If you’re the victim of financial elder abuse here in California call us today at (415)441-8669.
One recently filed prosecution* by the U.S. Securities and Exchange Commission (SEC) illustrates how extensive financial exploitation of a senior can be. According to the SEC, the defendant stockbroker allegedly stole $943,500 from the accounts of two senior clients by, among other things, allegedly forging wire transfers from his victims’ accounts into his own on 74 separate occasions. “Far too often, veterans and seniors who depend on their investments for retirement income are targeted by fraudulent schemes,” stated Justin Jeffries, associate regional director of the SEC’s Atlanta office handling the case. “As alleged in our complaint, [defendant] took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself.” The case is still pending.
Preventing Financial Elder Abuse
The best way to prevent financial elder abuse is to keep an eye on a senior’s money and bank and brokerage firm accounts. If you’re the loved one of a senior review all financial statements frequently. Talk to the senior about conversations he or she may have had regarding financial matters:
• Is anyone pushing them to buy an annuity or replace an existing one?
• Is a broker recommending risky investments?
• Does there appear to be excessive trading in any brokerage account?
• Are the same stocks (or stocks in the same sector) bought and sold continuously?
• Are there unauthorized trades?
• Are investments too concentrated in one industry?
• What commissions is the senior paying?
• Is there excessive use of margin in any account?
• Isan advisor or broker pushing a risky private placement?
• Does the broker fail to use limit orders on sales?
One other important piece of advice: Never ever give a caregiver a Power of Attorney. If you suspect your loved one has suffered financial elder abuse, alert the authorities but also reach out to counsel such as the financial elder abuse attorneys at Evans Law Firm. Our lawyers fight for seniors financially exploited by brokers, insurance agents, retirement planners, financial advisors, and others.
If you or someone you love is the victim of any type of financial elder abuse in California, call Ingrid M. Evans and the other Marin County and California securities fraud and financial elder abuse attorneys at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. Our attorneys have experience with fraud and financial elder abuse cases and complex qui tam or whistleblower cases including offshore tax avoidance cases, complex financial contract cases and cases against large insurance companies. We can help guide your case through a FINRA Arbitration, jury trial or toward an equitable settlement. We also handle cases involving physical elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
*Evans Law Firm, Inc. was not involved in the case in any way.