Elder Financial Abuse Attorneys

Do You Or Someone You Love Need The Help of Trusted Elder Financial Abuse Attorneys? 

Senior Investor Losses Reported By Customers of Laidlaw Brokers

According to a 2022 Consumer Affairs article, over 3.5M elderly adults fall prey to financial exploitation each year. This causes more than $3.5B in losses. The person defrauding a senior citizen might be someone the victim knows, such as a relative, friend, or guardian. It could also be a financial professional who was entrusted to keep this older investor’s money safe.

Shepherd Smith Edwards and Kantas (investorlawyers.com) represent senior investors and retirees who have sustained significant investor losses caused by broker fraud or negligence.  If you are wondering whether you or someone you love may be the victim of elder financial abuse by a brokerage firm, we can help you determine whether there are grounds for a securities fraud claim to pursue damages.

Among the brokers, we are currently investigating over elder investor fraud allegations are two Laidlaw & Co. financial advisors who were suspended and fined by the Financial Industry Regulatory Authority. Todd Anthony Cirella and Edward Scott Short, who left the broker-dealer in October, are accused of churning in two elderly customers’ accounts and allegedly violating their best interests by engaging in purportedly excessive and unsuitable trades.

Laidlaw broker Todd Cirella must now pay $27,566 restitution and is suspended for three months. Short has to pay $116,859 in restitution and is suspended for seven months. Both New York financial advisors did not deny or admit to FINRA’s findings.

What Is Broker Elder Financial Abuse? 

This typically involves a financial advisor engaging in misconduct in an older investor’s brokerage or individual retirement account (IRA). For many elderly persons, their account holds a lifetime of savings earned from years of hard work. These accumulated funds are designated to support them through retirement and any medical care they might need. Losing this money at this stage in their lives can make it that much more devastating.

The majority of senior investors are not looking to take on much if any, risk. And yet, there are financial advisors who will still recommend high-risk illiquid investments to an older client, excessively trade in their accounts, or overconcentrate their portfolio with unsuitable investments that are not in line with the customer’s age, financial goals, or risk tolerance level.

Another reason that senior investors are a favorite target of brokers seeking to take advantage of them is that some, especially those who are in poor health or are suffering from cognitive issues (including dementia or Alzheimer’s), are easy to take advantage of. If you are interested in taking preemptive, protective action, our seasoned elder attorneys are available to help.

Some seniors may lack a support group that can help them identify red flags indicating possible broker misappropriation. Others may be too embarrassed or ashamed to report what happened.

You should know that retiree investor fraud is a form of elder abuse. It is not just a crime, but also, if broker misconduct or negligence was involved, it could warrant a FINRA lawsuit against a financial adviser and their firm.

How Can Our Skilled Elder Financial Abuse Attorneys Help? 

Shepherd Smith Edwards and Kantas have been fighting for retirees and senior investors for over 30 years. We know how calamitous it can be to lose your life savings and we are here to help.

Our knowledgeable elder financial abuse attorneys represent older investors and their families in FINRA arbitration, mediation, and litigation. Should we agree to work together, you will have our entire team of securities attorneys, paralegals, and legal assistants fighting for you.

Call (800) 259-9010 today.

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