Articles Tagged with Elder Financial Abuse

What’s Being Done to Stop Elder Financial Abuse?

September 1, 2017 | Silver Law Group

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Learn about the new initiatives – and tech – that can keep you and your loved ones protected

Elder fraud is in the news a lot, but something is finally being done to help combat this growing problem. Many banks and brokerage firms are now beginning to take measures to keep their older customers protected. However, brokerage firms will frequently protect themselves to avoid lawsuits. If you feel that a stockbroker has abused your trust, counsel should be sought to try and recover damages.

Wells Fargo Advisors has been examining the issue for over a decade, and in 2010 the company started tracking cases of elder financial fraud. Then they were getting an average of about 30 every month. But four years later, that number climbed to almost 100. And now? It’s about twice that.

Broker Joseph Butler Barred and Fined by FINRA for Allegedly Defying Elder Financial Abuse Laws

December 16, 2016 | Silver Law Group

One allegation against the former Innovation Partners LLC broker involved using an elderly client’s funds for his own benefit

Joseph Butler is no longer allowed to conduct business through any member of the Financial Industry Regulatory Authority (FINRA). The former broker was notified in October of 2016 that he has been permanently barred by FINRA due to several allegations.

It was reported that on different occasions, while working for Innovation Partners LLC out of Charlotte, NC, Butler withdrew funds from a client’s money market account and used some of it to pay outstanding tax payments he owed to the state of Maryland, with the rest going into his own personal bank account. The total amount of money he was alleged to have taken was $114,250. Butler’s business was called Future Security, Inc.