Why Older Investors Suffering From Dementia Are Vulnerable To Broker Fraud
Barred Fifth Third Securities Financial Advisor Is Accused of Elder Financial Abuse
Our skilled Elder Financial Abuse lawyers represent older investors in pursuing damages from the brokers and investment advisors whose actions caused them to sustain serious investment losses. Our clients also include older investors who are suffering from Dementia or other serious health issues.
Unfortunately, many senior investors may be vulnerable to unscrupulous financial advisors and others seeking to take advantage of their health problems or other impairments or disabilities. If you or someone you love has sustained serious investor losses and you are wondering whether elder investor fraud or negligence was involved, Shepherd Smith Edwards and Kantas can help you explore your legal options.
One financial advisor we are currently investigating is former Fifth Third Securities broker David S. Wells, who was barred by the Financial Industry Regulatory Authority in 2021. He has been criminally charged with allegedly stealing $683K from three clients, including two individuals who have Dementia. According to his CRD, he resigned from the broker-dealer after admitting to misappropriating funds from investors.
The federal indictment accuses Wells of lying to clients by allegedly claiming that he would invest their funds in publicly traded companies but instead purportedly misused their money. Previous to being registered with Fifth Street Securities, this Chicago financial advisor was with Merrill Lynch.
When Financial Exploitation of the Elderly Involves Broker Misconduct
Every year, senior investors, including older retirees, collectively end up losing billions of dollars to financial exploitation, whether it is by a trusted loved one or friend, or financial advisor. As a matter of fact, elderly financial exploitation is one of the most common forms of elder abuse.
Investors suffering from Dementia, Alzheimer’s, and other cognitive impairments are at even higher risk of becoming the victims of this type of fraud. That is because decreased awareness, memory issues, affected decision-making abilities, or possible overestimation of competency in financial matters can make them easy targets for corrupt brokers and investment advisers seeking to take advantage of them.
At Shepherd Smith Edwards and Kantas, many of our clients are older seniors and other retirees who have suffered devastating losses to their life savings that they were relying on for their medical care and other needs. We represent senior investors and their families in going after the financial advisors responsible.
How Can Our Seasoned Elder Investor Fraud Attorneys Help?
If you suspect that you or a loved one may be the victim of broker misconduct or negligence, we can help you determine whether you have grounds for a lawsuit against your broker-dealer and their registered representative. Should we agree to work together, we will represent you in FINRA arbitration and fight for your financial recovery.
Our trusted senior investment fraud attorneys will protect your legal rights and help your family take steps to stop further broker misappropriation from taking place. More than 90% of the investors we have represented have achieved full or partial financial recovery.
To schedule your free, no-obligation initial case assessment, call (800) 259-9010 today.