Articles Posted in elder financial fraud

Learn about the steps involved for victims, loved ones, and financial professionals Elder financial fraud is an epidemic in this country that not a lot of people know about and even fewer talk about. And “epidemic” isn’t an exaggeration; every year, billions of dollars are scammed and stolen from seniors…

Silver Law Group, a law firm specializing in securities and investment fraud, has filed a securities arbitration claim with FINRA on behalf of an elderly investor alleging stockbroker misconduct and the unsuitable use of margin and excessive trading. FINRA recently issued investor guidance highlighting “Purchasing on Margin, Risks Involved with…

A new study from Allianz Life Insurance Company of North America offers tips on how to protect yourself and your loved ones against financial abuse Elder financial abuse affects not only the elderly victims, but those who care them as well. According to a recent study by Allianz Life Insurance…

Silver Law Group is investigating former LPL Financial LLC (CRD# 6413) broker Robert N. Tricarico (CRD# 1500863) after he pled guilty to one count of wire fraud against an elderly investor in a federal court in Connecticut. According to Tricarico’s FINRA BrokerCheck, Tricarico pled guilty in June 2016 in a…

FINRA recently amended a rule that would require brokerage firms to establish a contact for at-risk seniors. In March 2017, FINRA amended FINRA Rule 4512 to require member firms to make reasonable efforts to obtain the name and contact information for a trusted contact person upon the opening of a…

The SEC announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars. In the SEC’s complaint, the SEC alleges that Daniel H. Glick (CRD# 2175655) and his unregistered investment advisory firm…

Mormon seniors reportedly victimized in San Diego investment scam, Ohio broker admits guilt in theft of more than 500k from senior client, and Oklahoma begins educational initiative Throughout the U.S., seniors are experiencing perhaps a higher prevalence of fraud than ever before– and scammers are getting increasingly inventive in the…

Advisors and other trusted professionals have an ethical duty to stop senior financial fraud Elder financial fraud is an increasingly serious issue in the U.S. As more Americans become seniors – at the rate of about 10,000 a day – new victims across the country are feeling the consequences. This…

FINRA has barred Fort Lauderdale, Florida-based broker Douglas W. Studer (CRD# 4440047) for refusing to testify on the record in a FINRA-led investigation into whether Studer violated his employing firm’s policy by being named in an elderly customer’s estate documents to inherit the customer’s waterfront condominium. Studer was employed by…

Knowledge is power when looking to prevent or address elder financial fraud Sadly, it seems as though a week can’t go by without elder financial fraud making the news. Whether it’s at the hands of a family member or a financial professional, elder financial abuse continues to be rampant in…