Scott Silver, Silver Law Group’s managing partner and co-chair of the Securities and Financial Fraud Group of American Association for Justice (AAJ), gave a presentation on how to recover damages in elder financial abuse cases at the annual convention of the AAJ in Philadelphia in July, 2023. AAJ is an advocacy group that promotes a fair and effective justice system. Continue reading ›
Silver Law Group filed a FINRA arbitration claim on behalf of an investor who suffered losses after her financial adviser convinced her to loan him money, and then failed to repay it. The financial adviser developed a position of trust and confidence with Silver Law Group’s client, then convinced her that he had a unique investment opportunity which would make large profits for both of them. The adviser never disclosed that this is an improper practice in the brokerage industry or that his broker-dealer did not allow brokers to borrow money from customers. However, the customer alleges that the firm failed to properly supervise the financial advisor and engaged in elder financial fraud. Continue reading ›
The Commodities Futures Trading Commission recently issued an advisory regarding elder financial fraud in recognition of World Elder Abuse Awareness Day on June 15th. The advisory encourages elders to be on guard for scams and frauds that they may encounter, particularly on social media. Continue reading ›
Mario Rivero Jr. (Mario Everildo Rivero Jr., CRD# 5856503), 38, is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Red Bank, NJ. His only prior industry employment was with Wells-Fargo Clearing Services, LLC (CRD#:19616) of Elizabeth, NJ. He has been in the industry since 2010.
After a FINRA investigation and two sets of charges, he has been arrested in two separate cases. Continue reading ›
FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Continue reading ›
The recent case of Beverly Schottenstein Vs. JP Morgan and the Schottenstein Brothers was a very strong reminder of the problem of elder abuse. Specifically, financial abuse among elderly people who, in some cases, may not understand they’ve been defrauded.
While Ms. Schottenstein knew her grandsons were defrauding her, she was able to get justice (and a financial settlement) in her case. Other elders that don’t have as much money or realize they are being defrauded may not be as fortunate. Continue reading ›
Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI. He has been in the industry since 1986. Continue reading ›
Trusts can be a significant part of your estate plan. Some investors may decide to transfer securities into a trust, or leave them as part of their estate to their beneficiaries.
Assets that are transferred into a trust are taken out of the estate for the probate process. The expectation is that the beneficiaries will later have the benefit of the investments after the original owner passes in accordance with the deceased’s wishes. Continue reading ›
Most stockbrokers and other financial service representatives genuinely care about their clients. Unfortunately, there are some in the mix who see an elderly client as a target-rich environment, and the abuse frequently isn’t detected until it’s too late. They take advantage of a client who may not completely understand what’s being discussed or what they may be signing. Continue reading ›