The Financial Industry Regulatory Authority has barred ex-broker Douglas Wayne Studer after it was discovered that he was named to inherit a 91-year-old customer’s Florida waterfront condominium. FINRA’s investigation, which began last year, sought to determine whether he violated his ex-employer’s policy by being named in the estate documents belonging to the elderly investor.
Without denying or admitting to FINRA’s allegations Studer agreed to the sanction. Until July, Studer had worked for Kovack Advisors Inc. since last October.
Unfortunately many older investors are vulnerable to financial fraud and our elder financial fraud lawyers are here to help senior investors and their families. Contact Shepherd Smith Edwards and Kantas, LTD LLP today.In other news related to the battle against senior fraud, legislation introduced by U.S. Senators John Cornyn (R-TX and Amy Klobuchar (D-MN) was passed by the Senate Judiciary Committee. The bill, the Court-Appointed Guardian Accountability and Senior Protection Act, seeks to protect seniors from financial exploitation and neglect. It would crack down on elder abuse and improve accountability and oversight over conservators and guardians.Under the Act, state courts would be allowed to use funding to evaluate the way proceedings involving conservators and guardians are dealt with and make improvements when necessary. Improvements would include letting courts perform background checks on potential conservators or guardians.Klobuchar is also the one who introduced the Senior Fraud Prevention Act, which was passed by the Senate Commerce Committee. With that legislation, Klobuchar is seeking to combat schemes seeking to take seniors’ assets by educating older investors about fraud and enhancing the monitoring and tackling of fraud complaints. That bill is also sponsored by Senator Susan Collins and other lawmakers.Last year, Klobuchar reintroduced the Americans Giving Care to Elders Act, which seeks to help with the financial pressure placed on families caring for the elderly. The Act provides a federal tax credit to help cover the expense of taking care of an aging relative.
Our elder financial fraud lawyers can help you explore your legal options.
Finra bars broker who was named to inherit 91-year-old customer’s waterfront condo, InvestmentNews, September 20, 2016