What Constitutes Elder Financial Fraud?
An explanation of Florida’s statute
It’s an unfortunate fact, but often people are not treated very well as they age. And due to ailments, disabilities, or reduced cognition, the elderly are especially vulnerable to being taken advantage of. In many circumstances, this has to do with money, and frequently a financial professional is involved.
When someone hires a broker, they expect him or her to look out for their best interests. However, sometimes brokers think about themselves and their own financial situation before either their clients or professional regulations and ethics, and as a result, they commit elder financial fraud.
Florida’s elder fraud statute
Florida has specific stipulations about elder fraud and what constitutes exploitation. The state considers an elderly or disabled person to be exploited when someone:
- Deprives them of the use of their own assets or seeks to use those assets to benefit somebody else
- Knows – or should know – that their client lacks the capacity to consent to trades or other actions with their investments
- Breaches their fiduciary duty, meaning they make unauthorized appropriations (which could involve a sale or transfer of property that wasn’t agreed upon) or intentionally mismanages their clients’ assets or embezzles funds
- Misuses or transfers money from a personal or joint account set up by the elderly or disabled person
- Fails to use the income or assets of an elderly or disabled person for their care and support, either intentionally or negligently
If you are the victim of elder financial fraud, help is available
Elder fraud is much more common that many people realize, as it often isn’t reported. But victims or their families need to know that they have options when it comes to reclaiming lost money. Securities arbitration can be an effective way to recover funds, especially with an experienced attorney in your corner.
The attorneys at Silver Law Group are leaders in the field of securities arbitration and elder financial fraud cases. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities and Financial Fraud Group and routinely represents investors in securities arbitration claims.
To speak with an attorney and receive a free consultation, call the Silver Law Group at 800-975-4345 or send us a message through our online form. We are a contingency-based law firm, which means unless you get money back, you won’t owe us any fee.
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