Caution Against Elder Investment Fraud

The Consumer Financial Protection Bureau recently requested more information about the elderly as targets of fraud.  In response, the non-profit Investor Protection Trust released a survey about elder exploitation that revealed 20% of Americans over age 65 have been the victims of financial swindle.  

USA Today offers a first step to help prevent elder investment fraud from happening to loved ones.  First, figure out exactly where your loved elder’s money is going.  If there has been an unsuitable trading practice, you can try to deal directly with the broker-dealer about it, but if that doesn’t work, you can file a complaint with the Financial Industry Regulatory Authority.  

See Christine Dugas, Protecting the Elderly From Investment Fraud, USA Today, Feb. 23, 2013.