Jun 3, 2019 by |

San Francisco and California Securities Fraud Attorney: Ponzi Schemes and the Elderly

ATTORNEY NEWSLETTER

Cheating Elderly Investors

A Rash of Ponzi Schemes Targeting Seniors

Radio Show Host Arrested In $19.6 Million Ponzi Scheme

In the latest of a rash of Ponzi schemes victimizing seniors,[1] a former financial advisor, Christian radio host and author has been arrested and charged with bilking at least 60 elderly clients, age 62 to 91, out of $19.6 million by promising guaranteed-risk free returns in a non-existent investment product titled, “Diversified Growth and Income Strategy Account.” The promoter used their money to fund his lifestyle and pay falsified returns to other investors, in a typical Ponzi-Scheme fashion. The perpetrator allegedly reached his targeted demographic by hosting three weekly retirement-planning radio shows and making a lot of religious references. 

The San Francisco and California financial elder abuse and securities fraud attorneys at Evans Law Firm, Inc. represent senior victims of investment fraud including Ponzi schemes, unauthorized trading in a senior’s account, and the sale of unsuitable annuities and other investments to seniors by financial advisors, brokers, retirement planners, and insurance agents.  When the victims are seniors, the fraud may constitute State and federal securities law violations and violations of elder abuse protections.  If you or a loved one has been the victim of fraud or financial elder abuse in California, call our elder abuse lawyers today at (415)441-8669.   If you’ve been wronged, we will pursue all remedies including restitution (getting your money back), rescission (undoing an invalid contract), extra damages, and recovery of attorneys’ fees and costs in bringing a financial elder abuse action.

Authorities label the fraud perpetrated in the reported case as “affinity fraud” in which the perpetrator targets members of an identifiable group, with shared commonalities like race, age, and religion. The FBI has been investigating affinity fraud instances amounting to billions of dollars in projected losses. Fraudsters often target religious communities because of the members’ shared trust, even without the relevant facts.  Religious investors, especially elderly ones, are at an even higher risk when the fraudster intertwines their religious values with their deceitful sales pitch, as seen in the allegations in this recent case.

Contact Us

If you have been defrauded by an insurance agent, financial planner, broker or advisor through securities fraud or financial elder abuse including in unsuitable annuities or life insruance, call Ingrid M. Evans and the other San Francisco 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:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with securities, annuity, and other investment fraud, 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 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.

 

[1] Evans Law Firm, Inc. was not involved in any of the cases discussed in this blog.

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