Elder Financial Abuse Lawyers

Are You A Victim of Elder Financial Abuse? Elder Fraud Cost Victims More Than $3.4B in 2023, Reports FBI

June 15 was World Elder Abuse Awareness Day, which was established to promote a greater awareness globally about the abuse and neglect that can be suffered by older persons. Here, at Shepherd Smith Edwards and Kantas our Elder Financial Abuse Lawyers (investorlawyers.com) represent seniors who have fallen victim to elder financial abuse by a broker or investment adviser.

In a recent report by the Federal Bureau of Investigation (FBI), its Internet Crime Complaint Center stated that in 2023, total losses exceeded over $3.4B from scams reported that targeted victims older than 60. That is a nearly 11% rise from the losses reported in 2022. About $1.24B of the losses from last year were a result of investment schemes.

Elder financial abuse has been a serious problem for some time now. Perpetrated by strangers, friends, loved ones, caregivers, relatives, and investment professionals, the ramifications can be devastating for those older individuals who may no longer be bringing in an income, are isolated, or are suffering from serious health issues. (If you are interested in taking preemptive measures to protect from future investment fraud, contact elder law and estate planning law firm McCullock & Miller, today.)

Unfortunately, there are brokers and investment advisers who will try to defraud seniors, especially the ones who may be extra vulnerable due to cognitive impairments and/or who have a large retirement nest egg. As a matter of fact, one of the most serious kinds of broker fraud is when a financial advisor seeks to purposely steal a client’s money—whether this entails involving them in some type of investment scam or outright taking their funds.

Not only is elder financial abuse by a broker a breach of fiduciary duty, but it is also a serious crime. Her are just a few red flags indicating senior investor fraud might be happening:

  • The promise of high returns while guaranteeing there will be no risk of loss.
  • The broker or investment adviser is unregistered, has a long record of customer disputes and other complaints, or they are under investigation for running a Ponzi scam or another type of financial scheme.
  • The financial advisor is misappropriating investors’ money for their own use.

What Should You Do If You Suspect Elder Financial Abuse Against You or Your Loved One?

  • Contact Shepherd Smith Edwards and Kantas and request your free, no obligation case assessment.
  • DO NOT try to settle this dispute with your financial advisor. Hire seasoned securities law representation and have them deal with the broker-dealer or investment adviser.
  • Notify your state and/or federal regulators that you believe something fraudulent may have occurred.

Our elder financial abuse lawyers have been fighting for older investors and their families for more than 30 years. Our securities law firm has over a century’s worth of combined experience in securities law and the securities industry. Should we agree to work together, trust that you will receive quality securities representation. We genuinely care about protecting investors and doing our best to secure the financial damages you are owed. More than 90% of our clients have received full or partial financial recovery.

Contact Us:

Fill out this form or call (800) 259-9010 today.

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