According to the Investor Protection Trust, a nonprofit that advocates investor education, 17% of elderly Americans have been financially abused, which is down slightly from what it was six years ago.
The decrease may be driven in part by some financial and medical professionals who have begun working together to make sure elderly investors understand various risks and try to stop financial abuse before it starts. Just as important, children of elderly investors are becoming more involved.
Investment fraud may be more common when it comes to elderly investors because scammers may play upon their vulnerabilities. If your elderly loved one was financially abused by a broker or brokerage firm, they may be able to take action to recover the losses. At Meyer Wilson, our securities fraud lawyers are determined to make sure elderly individuals are protected from any kind of financial misconduct. Schedule your free consultation with our firm and discover your options for filing a claim.