According to the Investor Protection Trust, out of every five senior citizens over age 65, one of them will fall victim to a financial scheme in 2012. The Federal Trade Commission says that citizens over age 60 made up the largest group of people to report elder financial fraud to the Federal Trade Commission in 2013-that’s 27% of those who made such reports. That figure was just 22% in 2011.
At Shepherd Smith Edwards and Kantas, LTD LLP, please contact our senior investor fraud lawyers today if you feel that your losses may be a result of financial fraud or some other elder exploitation case. We work with elderly investors to get their money back.
The reason for the increase in elderly victims can in part be attributed to people living longer lives and the baby boom generation getting older. The Street reports that according to a survey conducted by the Metropolitan Life Foundation in 2010, elder financial abuse victims lost a minimum of $2.9 billion in 2010, which was a 12% increase from the number of senior financial fraud victims in 2008. Aside from negligent financial representatives, other fraudsters can include caregivers, relatives, immediate family, and strangers.
Senior citizens make easy investment fraud targets for numerous reasons. Many of them have money to invest after spending their lives working and saving. Some may suffer from mental impairments that can make it hard for them to understand they are being defrauded. There are also those senior investors, once defrauded, that may be too embarrassed or too afraid to speak out. This can makes it easier for financial scammers to get away with their crimes and the money.
Unfortunately, it is the investors who suffers when securities fraud happens. For some seniors this can mean the loss of the retirement nest egg that they had depended on to get them through the end of their life and cover their medical bills. Please contact our securities lawyers today.
1 in 5 Senior Citizens Fall for Financial Scams, The Street, March 17, 2014
Read the FTC Report (PDF)
Elder Fraud and Financial Exploitation, StopFraud.gov
More Blog Posts:
Two Ex-JPMorgan Brokers Alleged Bilked Mentally Impaired Elderly Widow of $300,000, Stockbroker Fraud Blog, December 4, 2013
Texas Man gets 40-Year Prison Sentence for Phony Annuity Scam That Targeted Elderly Women, Stockbroker Fraud Blog, September 23, 2013
GAO Wants SEC to Look At Other Criteria for Who Qualifies As An Accredited Investor, Institutional Investor Securities Blog, July 31, 2013