“Seniors are often targets for fraud, and in some cases from their immediate family members. The Consumer Financial Protection Bureau has issued a “best-practices” advisory for banks to help identify financial abuse. We found the following article interesting, as it helps to explain the problem many individuals face when investing their money..”
How do you protect seniors from being swindled?
Financial advisers who suspect that a senior is being pressured by a son or daughter to sell stock and hand over the cash would be required to alert state authorities, under a bill introduced in Lansing. Advisers also would have more legal leverage to drag their feet when it comes to paying out money from the account of an elder client, if they suspect the senior could be a victim of financial exploitation. After all, once the money is in the wrong hands, it’s likely to be quickly spent on a new car, an old bill or an exotic vacation. It’s going to be very hard for a senior to get that money back…This article was posted at http://www.freep.com, you can read the full article here.
If you have any questions related to securities fraud or investment fraud, please contact our law office. We have been helping investors recover losses from fraudulent financial advisors for over 20 years!