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.
Scott’s presentation to AAJ noted that the baby boomer generation, those born in the two decades after the end of World War II, are the richest generation on the planet with an average worth of $1.2M. 10,000 people in the U.S. turn 65 each day, and 5% of them will be victims of financial exploitation.
Undue Influence And Exploitation
The elderly often experience cognitive decline and social isolation, and can be more susceptible to being exploited by a person who exerts undue influence over them. Scott defined exploitation as a person in a position of trust with a vulnerable adult obtaining their funds, assets, or property to deprive the vulnerable adult of them for someone else’s benefit.
Scott cited Heasley v. Evans, (1958) for a definition of undue influence: “Undue influence, as it is required for invalidation of a will, must amount to over-persuasion, duress, force, coercion, or artful or fraudulent contrivances to such a degree that there is destruction of the free agency and will power of the one making the will. Mere affection, kindness, or attachment of one person for another may not of itself constitute undue influence.”
Recovering Elder Financial Abuse Losses
Victims of elder financial abuse often don’t know they have been victimized until their family members discover money is missing. Though families may not be aware of them, there are consumer protection statutes and legal options that could help their loved ones recover elder financial abuse losses.
One potential option is a class action lawsuit, which is when many people who were injured in the same way join together in one lawsuit to recover their damages. In his presentation to AAJ, Scott cited a California case where a federal court certified a class of California residents over 65 years of age who were sold a type of annuity from a life insurance company.
Silver Law Group has seen many cases of stockbrokers taking advantage of their elderly clients. Sometimes the broker sells the investor an unsuitable investment that pays them a high commission and causes significant losses for the investor. There are also cases of brokers transferring money away from their clients to accounts they control, which is called conversion, and is a violation of FINRA Rule 2150(a) and Rule 2010.
FINRA Arbitration for Financial Elder Abuse Claims
Brokers have even convinced their clients to name them as beneficiaries in their will, which is generally prohibited. Investors with losses with a FINRA-registered broker dealer can submit a claim to the FINRA arbitration process.
Arbitration uses an independent third party to resolve disputes. The process is quicker and less expensive than court. FINRA arbitration is Silver Law Group’s main area of practice, and the firm has helped countless elderly clients recover losses caused by bad brokers.
Contact Silver Law Group To Discuss Recovering Elder Financial Abuse Losses
Silver Law Group represents investors in FINRA arbitration claims, litigation, and plaintiff side class action lawsuits. Scott also represents SEC whistleblowers, and serves as counsel to receivers and trustees regarding recovering investors losses caused by Ponzi schemes.
As a leading investor advocate, Scott frequently speaks with the press about securities and investment fraud issues and how it can impact the elderly. A frequent guest lecturer, Scott frequently speaks at industry conventions, law schools and community centers about Ponzi schemes, elder abuse and the Securities arbitration process.
Silver Law Group represents investors nationwide, with most cases are taken on contingency fee basis, meaning nothing us owed unless investor money is recovered. Contact Scott Silver today at email@example.com or (800) 975-4345 for a no-cost consultation.