Unfortunately, some brokers and financial advisors devise ways to charge additional commissions, take unnecessary investment risks, or even defraud their clients. And one of the most egregious varieties of fraud or other improper financial activity involves taking advantage of older individuals, some of whom are not privy to information that is withheld by a financial adviser, and others who may have diminished mental capacity.
Although it’s common in the U.S., elder financial fraud frequently goes unreported. In many cases, this is because the person lacks information, is unaware of their rights, or does not know that there are mechanisms to potentially recover lost funds and hold brokers and financial advisers accountable. It’s also possible that an individual may be unable to travel, or he or she is simply uncomfortable giving too many details over the phone.
The Silver Law Group wants to help. If you have been the victim of elder financial fraud, we will gladly send an attorney to your home to discuss the situation. We’ll go over your options and discuss what steps to take next.
What exactly constitutes elder fraud?
Brokers have certain rules and regulations they have to abide by, and they violate a number of them if any of the following occurs:
- A broker or adviser knowingly deprives a client of the use of benefits of personal funds, either through dishonesty or by applying pressure
- A broker or adviser should have reasonably known that a client did not have the wherewithal to consent
- They break their fiduciary duty to an elderly person, resulting in an appropriation that wasn’t authorized
- They excessively trade for the sole purpose of generating commissions, misrepresent material facts, or recommend investments that are unsuitable for a client’s age, risk profile, or investment goals.
In addition, firms have a responsibility to supervise the actions of their brokers, and may be held accountable if they failed to manage a broker or adviser who violated a client’s trust.
How the Silver Law Group may be able to help you
One of the best recourses when it comes to recovering lost money is through pursuing arbitration with the Financial Industry Regulatory Authority (FINRA). But because arbitration can be a complex and lengthy process, hiring an experienced securities arbitration attorney gives you a better chance for a successful claim.
Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and the Silver Law Group has represented numerous victims of basic investment fraud as well as elder financial fraud – we’ve helped recover millions of dollars. We understand how important your finances are, which is why we work on contingency – we don’t expect any payment unless we can recover your lost funds.
For a free consultation – either by phone or in your home – please get in touch. You can call us at (800) 975-4345 or reach out through our online form.