Senior citizens lose about $2.9 billion annually to scams and other abuses, according to Don Blandin, president and chief executive of Investor Protection Trust, (See "Survey reveals alarming rise in financial abuse of the elderly"), citing a June 2001 study by MetLife Inc. The number of financial scams targeting seniors is dramatically increasing according to the survey conducted by the non-profit Investor Protection Trust.
Financial advisers "have a duty and responsibility to report [abuse] to the authorities, and they have some personal liability if they don't," said Robert Lam, chairman of the Investor Protection Institute and chairman of the Pennsylvania Securities Commission. Lam added: "The results are often devastating, depriving older Americans of the opportunity to enjoy their golden years."
Family members and professionals also need to remain sensitive to a relative's or a client's deteriorating abilities and, when appropriate, take action to protect that person from becoming a victim of financial abuse. Family members, investment advisers and brokers are often the first to notice if their relative or client is declining mentally. In addition to apparent deterioration of memory and cognitive abilities, warning signs may include failure to pay bills, unusual risk taking and abruptly ceding control of their finances. It is very sad to see a lifetime of hard work disappear at the hands of a scam artist.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Financial advisers "have a duty and responsibility to report [abuse] to the authorities, and they have some personal liability if they don't," said Robert Lam, chairman of the Investor Protection Institute and chairman of the Pennsylvania Securities Commission. Lam added: "The results are often devastating, depriving older Americans of the opportunity to enjoy their golden years."
Family members and professionals also need to remain sensitive to a relative's or a client's deteriorating abilities and, when appropriate, take action to protect that person from becoming a victim of financial abuse. Family members, investment advisers and brokers are often the first to notice if their relative or client is declining mentally. In addition to apparent deterioration of memory and cognitive abilities, warning signs may include failure to pay bills, unusual risk taking and abruptly ceding control of their finances. It is very sad to see a lifetime of hard work disappear at the hands of a scam artist.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
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