Elder abuse is often defined as a single of repeated act, or lack of appropriate action, occurring in any relationship where there is an expectation of trust, which causes harm or distress to an older person. It is also referred to as:
- elder mistreatment
- senior abuse
- abuse in later life
- abuse of older adults
The types of abuse include physical , psychological and emotional, sexual, neglect and abandonment. Victims of any of these types of abuse should consider contacting the Adult Protective Services office in the city or county where you reside.
Elder abuse can also involve financial abuse or financial exploitation, for example the illegal or unauthorized use of a person’s money or valuables. It can also include being deceived and or coerced by a financial advisor or stockbroker.
The basis of all forms of Elder Abuse stems from the expectation of trust the older person has for the abuser. In the case of nursing home Elder Abuse, it is the trust the older person places in the nursing home staff. In cases involving financial Elder Abuse, it is the trust the older person places in their trusted adviser or stock broker.
While the overwhelming majority of financial advisers and stockbrokers are honest and do their very best to take care of their clients, we can tell you from experience that there exists a small percentage who will take advantage of the elderly by trading their account in a manner that benefits the broker/advisor, and his firm at the expense of the trusting elderly account holder.
This abuse can range from over-trading the account or selling high risk high commission products like REITs, private placements and limited partnerships, to outright theft .
AARP suggests you think twice if you hear words like this from your broker:
• “Your profit is guaranteed.”
• “It’s an amazingly high rate of return.”
• “There’s no risk.”
• “You can get in on the ground floor.”
• “This offer is only available today.”
• “It’s a secret investment tip just for you.”
• “I’ll get you the paperwork later.”
• “Just make your check out to me.”
If you believe you are the victim of elder financial abuse, you need to consult with an attorney experienced in pursuing losses from stockbrokers and brokerage firms. It is likely that you may be able to recover all or a part of your losses through FINRA arbitration.
We have been helping investors recover stock market losses for 25 years. No charge for initial consultation.
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