FINRA Announces Tough New Sanctions
Cracking Down on Exploitation
The financial industry is taking a long, hard look at the way its own people approach the consumer. Especially, the vulnerable consumer, who is most susceptible to exploitative practices and, in the case of seniors, financial elder abuse. The financial industry largely polices itself and, as of today, the industry broadened its crusade against exploitation of the public. We at Evans Law Firm combat exploitative practices against the public and financial elder abuse all the time. If you or a loved one has been a victim of securities fraud or financial elder abuse, contact the Evans Law Firm securities and financial elder abuse attorneys at (415) 441-8669
In an across the board rule effective next month, the Financial Industry Regulatory Authority (FINRA) now will require in all violation cases that disciplinary proceedings determine whether “vulnerable individuals or individuals with diminished capacity” were subjects of financial exploitation. FINRA is the independent agency governing our nation’s financial institutions and markets. FINRA’s enforcement decision will have an enormous effect on the sales of financial products to consumers in this country, particularly, we hope, to the elderly.
The new FINRA rule on disciplinary proceedings will mean that in every credible case of irregularity, fraud and other malfeasance, the agency will look specifically at the vulnerability of the client and the possible exploitation of the client by his or her financial advisor, broker, insurance agent, or banker. It represents a huge step in the struggle against financial elder abuse. At last there is official recognition of what many of us, sadly, suspected all along: fraud and financial abuse occur most often against the vulnerable or seniors or those with diminished capacity.
If you or a loved one has been a victim of securities fraud or financial elder abuse in San Francisco County or anywhere in California or are headed to FINRA Arbitration, contact the Evans Law Firm securities attorneys at (415) 441-8669, or by email at email@example.com. Our attorneys have experience with complex securities cases, arbitrations, and mediations; and complicated financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We also handle cases involving physical and financial elder abuse, other types of qui tam and whistleblower cases, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.