Stockbrokers Who Prey on Senior Citizens
Mention “elder abuse” and many people, including seniors, conjure up images of the fleecing of Brooke Astor’s estate or an elderly relative kept in squalid conditions. What gets far less attention is a subtle though prevalent form of elder abuse–the sort perpetrated by stockbrokers. Financial elder abuse by stockbrokers can be putting seniors in inappropriate or unsuitable stocks or annuities, churning a senior’s account, or failure to disclose the risk of high-yield investments, among other dishonest conduct.
The San Francisco and California elder abuse and securities attorneys at Evans Law Firm, Inc. represent California seniors who have suffered financial elder abuse at the hands of a stockbroker or insurance agent selling them inappropriate or unsuitable investments including annuities, churning their accounts or their annuities, and/or failing to disclose important information. Victims of financial elder abuse are entitled to extra damages and reimbursement of attorneys’ fees and costs against their abuser. Our litigation attorneys can effectively pursue all remedies available to senior victims of financial elder abuse from all kinds of wrongdoers, including stockbrokers and insurance agents. If you or a loved one lives in California and has suffered a loss as a result of financial elder abuse by a stockbroker, insurance agent, or other financial advisor, call us today at (415)441-8669.
The temptation to commission-driven brokers and insurance agents to aggressively pursue seniors is obvious: one third of the country’s wealth is held by seniors. Today, the net worth of a typical retiree is $264,750 as compared to an average net worth of non-seniors of $97,000. Despite their growing wealth, seniors are increasingly concerned that their money won’t last in the face of skyrocketing healthcare and elderly assistance costs. Brokers and agents prey on that apprehension. Seniors who normally are conservative investors become concerned in low interest rate environments. On the broker’s side, there isn’t a lot of money to be made managing the accounts of risk-averse investors who are looking to clip coupons and live off municipal bond interest for the rest of their lives. Some Wall Street firms just can’t but regard the elderly as ripe for the fleecing.
Remedies for Financial Elder Abuse
Fortunately, California leads the nation in protecting seniors against financial elder abuse. California defines financial elder abuse broadly: any “taking” of a senior’s property (including money) for a “wrongful use” constitutes financial elder abuse. “Taking” would include sales commissions on inappropriate/unsuitable stock and annuity sales by brokers who abuse the elderly. California law also affords enhanced remedies for victims, including extra damages, injunctive relief, and attorneys’ fees and costs. While we at Evans Law Firm always recommend you report financial elder abuse to law enforcement, those agencies may only secure restitution and will not represent you in getting all the additional relief California law allows. Our lawyers will.
If you or someone you love is the victim of any type of financial elder abuse or securities or other financial in California, call the San Francisco and California elder abuse and securities attorneys at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</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 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.