The North American Securities Administrators Association (NASAA) recently released a study showing that financial fraud on the elderly has increased, despite increased awareness and regulatory attempts to protect senior citizens.
Key findings in the study, which can be accessed here, are:
- Most cases are undetected until it is too late.
- Awareness is increasing, but fraud is not decreasing.
- The industry is not doing enough proactively to protect its senior citizen customers.
In a prior survey of more than 60 brokerage firms, it was found that over half (54%) of the firms did not have a formal policy defining senior citizens and less than half (41%) had developed a form for customers to identify an emergency or trusted contact person.
Findings confirm that those ages 70 and older are the most vulnerable to financial fraud.
If you have questions about how your account has been handled or suspect that the account of a senior citizen relative or friend has been abused, call for a no charge consultation with an experienced securities attorney.
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 learn about your options.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900