Shepherd Smith Edwards and Kantas Elder Financial Abuse Attorneys

What Should I Do If My Parent Becomes The Victim of Elder Financial Abuse By Their Broker? Shepherd Smith Edwards and Kantas Elder Financial Abuse Lawyers Can Help You Determine Your Next Steps

If your mother, father, or another elderly person you care for has sustained serious losses to their retirement money due to elder financial exploitation by a broker or investment adviser, please contact Shepherd Smith Edwards and Kantas (investorlawyers.com) today.

Many people think of senior financial abuse as a crime committed by ill-meaning family, friends, caregivers, acquaintances, or scammers. What a lot of people don’t realize is that it can also be carried out by financial professionals.

What Is Elder Financial Abuse?

This is a term used for when an elderly person’s money or property is stolen or used without their permission. It can involve someone, like a caregiver or a relative, coercing an older individual to sign over their power of attorney or give them access to bank accounts, retirement funds, or investment accounts.

An unscrupulous broker, noticing that their client has cognitive issues, may decide to misappropriate their funds or place them in too risky investments that pay high commissions.

What makes senior financial exploitation even more insidious is that, often, the person doing it is taking advantage of the fact that their victim is in declining health, may be suffering from dementia or memory problems, or has no one else looking out for their best interests.

As people live longer, elder financial abuse is a problem that is not going to go away.

The US Census Bureau reports that the number of Americans in the 65 and older age range will reach 80 million by 2040. The Federal Bureau of Investigation found that in 2023, fraud was the reason that $3.4B in losses affected people in the 60 and over age bracket.

Most cases of senior financial exploitation go unreported.

How Can Our Seasoned Elder Financial Abuse Lawyers Help?

When an older person loses their life savings to fraud, this can have catastrophic consequences. They may no longer be able to financially support themselves. Paying for critical medical and nursing care can become impossible. The emotional toll from being the victim of this kind of crime can lead to even more health issues.

Shepherd Smith Edwards and Kantas Elder Financial Abuse Lawyers work with seniors and their families who were the victims of elder financial abuse by their financial advisor.

Why Sue Your Broker-Dealer For Elder Financial Abuse?

Brokers have a duty to only make investment recommendations that are in a customer’s best interests, as well as that are suitable for them given their age, risk tolerance level, and financial goals. Unfortunately, there are financial advisors out there who will steal from their older clients because they can.

Meanwhile, brokerage firms are required to properly supervise their registered representatives to make sure senior financial exploitation doesn’t happen. They are also supposed to protect customers from third-party fraud in their accounts.

This includes placing temporary holds on suspect transactions, as well as implementing other protective measures in the accounts of clients who are age 65 and older.

Contact Our Seasoned Senior Financial Exploitation Law Firm Today

Our elder financial abuse attorneys know how to identify when you or your older loved one has been the victim of senior financial exploitation. We know how to maximize each client’s chances for a full recovery in arbitration, mediation, or litigation.

Call our elder financial abuse attorneys at (800) 259-9010 or fill out this online form to schedule your free case consultation.