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Elder Financial Fraud

What Is Elder Financial Fraud?

Elder financial fraud arises when elderly investors are targeted or exploited financially, due to their age, and potentially due to health problems that are more common at their age (i.e., Alzheimer’s disease).

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How Might My Financial Advisor Engage in Elder Financial Fraud?

Your financial advisor can engage in elder financial fraud by engaging in misconduct that led to your damages, including but not limited to churning, unauthorized trading, forgery, and recommending investments that are not in your best interests.

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Can I Enter Into a Loan Agreement With My Financial Advisor?

The answer is most likely no unless a narrow exception applies. FINRA Rule 3240 forbids your financial advisor from entering into a loan agreement unless an exception provided under subsection (2) applies. Thus, you should be concerned if your financial advisor requests to borrow funds from or lend funds to you.

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How Can You Prevent Elder Financial Fraud?

You can add a “Trusted Contact Person” to your brokerage account. This person can be a family member or an attorney for example. In doing so, you are allowing your brokerage firm to contact your Trusted Contact Person in certain instances, for example, if the firm believes there may be fraudulent activity in your account(s). Adding a Trusted Contact Person to your account(s) can add an additional layer of protection to your assets.

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What Are My Resources if I Think Elder Financial Fraud Has Occurred or Is Afoot?

You can call FINRA’s Securities Helpline for Seniors, 844-574-3577. You should also consult with a New York Elder Financial Fraud Law Firm, like Malecki Law, for guidance.

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Testimonials From Former Clients
I highly recommend Jenice and her team at Malecki Law. I had a challenging, and lengthly case. Jenice was professional, very knowledgeable, and a pleasure to work with. She managed to make the process far less stressful during a very difficult time. They care about their clients, and it definitely shows. Mario
Jenice is truly a miracle worker and one of the top securities lawyers. She handled a very difficult case for us, displaying her legal knowledge, intelligence, and savviness throughout the process. I cannot recommend her enough. The quality of work from her team rivals that of corporate law firms. She was always available, extremely professional, and made sure to know all the details of the case. We were very fortunate to have been referred to Jenice and highly recommend her for any securities related legal issues. Nathan A.
An excellent professional who represented us in trial regarding a bank fraud, an unexpected and difficult time. A professional that worked hard, persevering and who stood toe to toe against firms that had a team of excellent lawyers backing them up. Her unflinching determination really stands out, it makes you feel you have someone who really cares about trying to recover what you lost from the people that wronged you. Salomon Levi
It is difficult to thank you in words when gratitude comes from the heart, so I will try to link feelings with writing. It is essential for us to mention your excellence as a professional, your aptitude on legal fields, and your unavoidable persistence. All of these virtues that elevate the profession you exercise in such an admirable way, go hand in hand with your sense of ethics, your human warmth and the transparency in your actions. To sum up, thank you for being a listening ear and for having the right word while transmitting information about the legal process. Having you as our representative during such an adverse situation was a privilege and enough reason for our eternal gratitude. Angeles Aparain
To say that my securities litigation was complex would be a severe understatement. With multiple parties involved and spanning many years, trying to understand the issues was daunting to say the least. Jenice and her team broke down the transactions by segment and by party uncovering every hidden expense. In the end, I was more than happy and could not thank Jenice and her team enough. I would not hesitate to recommend Jenice to anyone. She is highly professional, incredibly knowledgeable, well connected to industry experts, has a tireless work ethic and is so pleasant and easy to communicate with. Five stars for sure! Andrew Loughrane