Elder Financial Fraud Attorneys : Silver Law Group
What is elder financial fraud?
Elder financial fraud (also known as abuse or exploitation) is one of the fastest growing crimes in the United States today. It’s also one of the least reported, with only one in 44 cases actually reported to law enforcement or Adult Protective Services.
Fraud committed by a financial advisor or broker is unique in the world of Elder Financial Exploitation. While family members have access to an elderly person’s finances through their relationship, financial advisors have been given permission to be a part of someone’s financial life. Investors trust that their financial advisor will always work in their best interest.
A violation of that trust occurs when someone
- Knowingly, or by deception or intimidation, deprives the victim of use of benefits of personal funds;
- Knows or reasonably should know that the elderly person lacks capacity to consent; and
- Commits a breach of fiduciary duty to an elderly person, which results in an unauthorized appropriation.
A recent study, “The Market For Financial Adviser Misconduct,” found that 7% of financial advisors have been involved in elder financial fraud or other misconduct. Of these, 44% are back to work within a year and five times more likely to commit fraud. Senior investors and their families should be aware of these statistics – and that they can seek recompense for any losses that result from fraud or misconduct.
What You Can Do If You're the Victim of Elder Financial Fraud - Elder Financial Fraud Attorneys
The Financial Industry Regulatory Authority (FINRA) is the self-regulatory organization of the investment industry. As such, FINRA expects all registered brokers and firms to follow its best practice and ethics guidelines.
Unfortunately, that doesn't always happen. That's why FINRA has developed a list of practice violations that can result in fines and penalties. Among these are:
Scott L. Silver Managing Partner
Scott Silver is the chairman of the American Trial Lawyers Association, Securities and Financial Fraud Group and routinely represents elderly investors and their families. He has extensive experience pursuing claims in arbitrations conducted by the Financial Industry Regulatory Authority (FINRA) and in federal court for violations of various states' laws against elder abuse.
Breach of Fiduciary Duty
Excessive Trading or Churning
Failure to Supervise
Unsuitable Investment Advice
Broker Theft and Fraud
Trust and Estate Abuse
Breach of Fiduciary Duty
Investment losses that are the result of a breach of fiduciary duty can be a cause of action in an arbitration claim for damages. In many instances, the failure to disclose all relevant information concerning an investment recommendation may be the result of a conflict of interest between the financial advisor and his client. Financial advisors are required to avoid any conflicts of interest when providing investment advice for financial elder abuse.
Protect you or your loved one’s financial security.
Fortunately, there are steps you can take to regain control of a situation that seems to be out of your control.
Many victims – or the family of victims – seek a settlement through FINRA arbitration, which allows the parties to avoid the costs and waiting period associated with the court system, and makes use of an independent third party that, in the case of elder financial fraud, specializes in financial practices.
While it's possible for victims to pursue a
Facing this issue is daunting and scary, from both a monetary and personal perspective. Often, this is the moment that an individual or a family member realizes that the lifelong caretaker now needs to be taken care of.
Silver Law Group understands this, and we're with you.
If you think you have been defrauded by a broker, financial advisor, or financial institution, or want to know your rights as an investor, contact our firm. Silver Law attorneys are leaders in the field of FINRA and securities arbitration. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Our services are provided on a contingency-fee basis, which means we are only compensated if there is a recovery of losses For more information, contact us for a complimentary consultation.
- Washington Elder Fraud Statutes
20 Apr 2018
Washington’s Abuse of Vulnerable Adults Act defines financial exploitation as “the illegal or improper use, control over, or withholding of the property, income, resources, or trust funds of the vulnerable adult by any person or entity for any person’s or entity’s profit or advantage other than for the vulnerable adult’s profit or advantage.” Examples of Read More
- Virginia Elder Fraud Statutes
20 Apr 2018
Virginia has four main categories of financial exploitation: • Larceny – The wrongful or fraudulent taking of personal goods of some intrinsic value, belonging to another, without his assent, and with the intention to deprive the owner thereof permanently. • Larceny by trick – When a person obtains the property of another by making a false Read More