Elder Financial Fraud - Transcript
Elder financial fraud is truly a very tricky area of the law and it needs to be handled extremely delicately and using all of the tools in the toolbox.
Else senior issues and elder financial fraud is a hot button issue in every state regulator’s office at FINRA and at the SEC because look, the United States needs seniors to have their money okay. They can’t afford, the governments can’t afford people to lose their money in the stock market because they become essentially dependent on social security which we all know is precarious.
Elders sometimes need help in dealing with the issues in their life and many people don’t understand that in a highly regulated environment like the securities industry you have to make sure that powers of attorney are properly executed, that people are willing to take action on what a family member is saying and doing that the family member can be part of the conversation.
My own mom I have her send her brokerage statements duplicates to my house and to her house.
It’s important that things are set up before there’s a fraud so that somebody can be looking at it and avoiding it, but if there is a fraud you need to hire a securities attorney who really knows this area of practice and all of the rules that will benefit the senior in getting back their money and maybe more.