A recent article in the Palm Beach Post addressed the fact that scams and fraud against the elderly are a major problem in Florida.
According to Florida Department of Elder Affairs:
- Seniors 85 and older are the State’s fastest growing age group
- Florida ranks first in percentage of residents 60 or older
- Florida has more than 1.7 million residents who are 75 and older
This group is the most susceptible to investment fraud and the group that needs to be the most wary given the fact that there is little hope of replacing capital that is lost during the retirement years.
Jeff Atwater, Florida’s Chief Financial Officer announced the launching of On Guard for Seniors, a new website designed to educate consumers about financial and insurance issues, annuities, reverse mortgages, long-term care insurance and identity theft.If you or one of your loved ones fall within the age group described above you may find the site of interest.
Since seniors living on fixed income are constantly concerned about making their savings last, they are prone to the temptation of fraudulent or misleading sales pitches. Obviously the unscrupulous members of the financial services community are aware of this vulnerability and ready to take advantage, as we read everyday as the newest fraud emerges.
Florida’s attorney general has a fraud hotline at 866-966-7266. Additional valuable consumer information related to credit cards, identity theft, eyeglasses and contacts and foreign lotteries is available at My Florida Legal.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900