Before we can stress the importance of raising any kind of awareness where elderly financial exploitation is concerned, we must first enlighten those not familiar with what is meant by the words "financial elder abuse". After that, we can talk about heightening awareness regarding the topic. We’ll then offer assistance to those who feel they may have suffered from this type of exploitation or have a loved one who may be a victim.
Financial Elder Abuse – What Is It?
Sadly, some form of elder abuse (in people 60 years of age and older) has been experienced in 1 of 10 Americans. Every year, it is estimated that approximately 5 million elderly individuals are abused. Unfortunately, authorities are only alerted to about one in every 14 cases of elderly abuse. There are many forms of abuse, however. One, in particular, deals with finances.
To fraudulent investment strategies and predatory schemes, our elderly population is particularly vulnerable. When one of these scams befalls older people, it can be referred to as financial elder abuse.
A technical definition of what constitutes financial elder abuse is as follows: When a person takes or misuses the assets of an older adult – who are routinely considered vulnerable – for their own personal benefit, this constitutes financial elder abuse. It often occurs without the consent of a disabled or senior adult and possibly even without their knowledge. This results in the deprivation of financial resources belonging to the elderly individual, which are required for their personal needs.
How to Be Aware Of Financial Elderly Abuse
There are signs and symptoms that can alert you to the presence of financial elderly abuse. To help raise awareness, here's what to watch out for:
- Investment in gas and oil ventures
- Ponzi schemes (promises of no risk but a high return rate)
- Investment in promissory notes
- Charging unnecessarily high fees for equally unnecessary trades (that the investor will not benefit from)
- Investments that are truly unsuitable considering the risk tolerance of the investor, even though they offer a high rate of return
- … And more
About Weltz Law And Elderly Financial Exploitation
We represent clients in all aspects of commercial and securities litigation, Weltz Law represents numerous clients throughout the country. As an example, we represent broker misconduct victims as well as representing clients in a full range of other matters. On our website, you can review case material at your leisure.
If an elderly loved one, or you yourself, have been a victim of financial elder abuse and have, therefore, suffered monetary losses, contact us. We can help you seek compensation from the responsible parties. It is essential that in order to be assisted fully, you retain a capable securities litigation attorney. In state and federal litigation, as well as FINRA arbitration, we have decades of client representation experience at Weltz Law.
Though our focus is mainly on FINRA arbitration against dealers/brokers, should you wish to speak to one of our representatives about something else, feel free to contact us.