Seniors are overconfident in their ability to protect themselves from financial abuse. Over two-thirds of t...
Seniors are overconfident in their ability to protect themselves from financial abuse. Over two-thirds of those committing elder financial abuse are related to the victim in some way. Just 1 in 44 elder financial abuse cases are reported. Ninety-seven percent of senior financial fraud goes undetected until serious harm is uncovered. Over 50 percent of people believe loved ones will not recognize or report financial abuse.
Indicators of elder financial abuse
Unexpected withdrawals from a bank or brokerage account
Changing power of attorney or beneficiaries on an account
• Loans made by the elderly person to their broker
• Unnecessary expenses that cause withdrawal of funds
• Transactions occurring without consultation
• Unexpected changes to a will or trust documents
• Purchases investments that are out of character for the elderly person
• Broker fraud is often involved in elder financial abuse cases
Failing to advance reasonable investment objectives
Breach of Fiduciary Duty
Failing to act in the client’s best interest
Failure to Supervise
Failure of the brokerage firm to implement a reasonable system of supervision designed to detect and prevent misconduct from occurring in an account
Taking money from a client’s account for personal use
Elderly investors are particularly vulnerable to fraud.
Elderly investors can take action against financial institutions and brokerages
Call today to consult with an elder financial abuse attorney at Wolper Law Firm
Wolper Law Firm, P.A.
1250 S Pine Island Rd Suite 325
Plantation, FL 33324