Recently there has been a trend in fraud surrounding various types of pensions. Since individuals can receive extensive incomes annually through various form of pensions, this has attracted misconduct by financial advisors and others frequently in the form of high fees and undisclosed conflicts of interest. It is important for individuals to be aware of the various forms of pension fraud that are occurring in the marketplace today. If you suspect that you have been a victim of any of the pension frauds listed below, it is important to speak with an attorney to see your potential rights of recovery.
Employer Pension Frauds
Employers can commit pension fraud in many different ways. There can be fundamental misrepresentations made about if they have funded pensions, miscalculation of employees’ pension benefits can occur, and they can mismanage pension investments that cause detrimental losses to pension funds. One of the more severe kinds of employer pension fraud that has occurred is when the employer borrows funds from employees’ pension funds to cover losses in the company’s business.
Nursing Home Pension Frauds
Nursing home patients who are no mentally sound can be subject to pension fraud schemes where the income they receive from their pension is put into a separate trust account to cover their monthly expenses by staff from the nursing home. This has created many opportunities for nursing home employees to mismanage these trust funds and steal funds from the residents of nursing homes.
Veterans Vulnerable to Pension Fraud
Veterans have a risk of falling prey to pension fraud from unsolicited phone calls marketing veteran pension fund management services to veterans over 65 years of age. What these veterans fail to realize is that complimentary advice is available from accredited Veteran’s organizations. Another form of fraud that can occur with Veteran pensions is individuals who help Veterans obtain pensions that aren’t eligible for them, which results in the Veteran having to pay a substantial fine to the government that they typically cannot afford.
Pension Fraud Mismanagement
Wall Street manages billions of dollars for pension funds and other retirement investment vehicles. Although these large accounts qualify for the lowest fees, many financial advisors charge exorbitant markups, fees and other costs frequently using alternative investments which are complex and hard to understand.
How Silver Law Group Can Help
There are many cases emerging related to pension frauds related to nursing homes, veterans, and employees. Silver Law Group is dedicated to representing the interests of investors that have been victims of various forms of pension fund fraud. Our firm has many years of experience recovering losses from fraudulent pension fund schemes. If you suspect that you have been a victim of fraud associated with pension funds and have questions regarding your legal rights or potential for recovery, please contact Scott Silver or the Silver Law Group for a complimentary consultation at firstname.lastname@example.org or toll-free at (800) 975-4345.