Avoiding Broker Elder Abuse

Unfortunately, Soreide Law Group continues to see the egregious misconduct by licensed broker/dealers taking advantage of their elderly clients.  This incredibly shocking behavior appears often in FINRA’s monthly Disciplinary Report.  It is important to shed light on this misconduct and make elderly clients and their family members aware of broker elder abuse.
It is essential to all potential investors to do a broker background check. Some things you can check as a potential investor, or if you are in a position to help an elderly person, are FINRA’s BrokerCheck which is available to the public on the Financial Industry Regulatory Authority, Inc. (FINRA) website at http://www.finra.org/, or you can also call your state securities regulator.
The following are some key questions you should consider when choosing a broker. These questions were obtained from Investor.gov:
-- Has the broker been charged or convicted of any criminal felonies?
-- Has the broker been charged or convicted of any investment-related misdemeanors?
-- Has the broker been subject to any industry disciplinary actions or investigations by regulators?
-- Has the broker been involved in any investment-related lawsuits or proceedings?
-- Has the broker been named in any consumer-initiated complaints, arbitration proceedings, or civil law suits and cited for failing to pay judgments or liens?
-- Has the broker filed for bankruptcy?
-- Has the broker been terminated by an employer following allegations of misconduct or failing to supervise subordinates?
All of this information is usually in the public record. You should be able to find it through a background search that only takes seconds. The SEC and FINRA encourage investors to check the background of anyone offering to sell them investments to help avoid broker elder abuse.
It is heartbreaking to receive phone calls from elderly investors who trusted their irreplaceable, hard-earned retirement savings to an unscrupulous broker who in turn loses it all for them.  We work tirelessly to bring these broker/dealers to justice.  If you feel you have become the victim of elder abuse at the hands of your broker, we would like to hear from you.  Call Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your devastating losses at:  888-760-6552.
Soreide Law Group operates on a contingency fee basis—no fee if no recovery.  We represent clients nationwide before FINRA.