FINRA's Senior Investor Hotline For Securities

The Financial Industry Regulatory Authority (FINRA) began a Securities Helpline for Seniors one year ago, and since then more than $1.25 million in reimbursements have gone back to the clients because the regulator raised the issues to the firms, according to Susan Axelrod, FINRA’s executive vice president of regulatory operations.
“I have to commend firms that have really taken a look at issues that we’ve raised and gone proactively to the customers to reimburse them,” Axelrod said during a recent event.
Up to this point, FINRA’s Securities Helpline for Seniors has received over 4,000 inbound calls.  These calls are from people ranging in age from 22 to 100.  FINRA turns no one away and answers questions that could also be regarding a senior who is a close friend, client, or relative.
Many of the calls from seniors are often educational and FINRA will educate them about FINRA's BrokerCheck, which gives the seniors an opportunity to look up their brokers online and learn valuable information about the broker.  FINRA will also look up the broker for the senior if they do not have computer access. The seniors also may have a question on a particular product, such as variable annuity, that their broker may be recommending.
An example was given by FINRA that a tax professional called the hotline on behalf of their 86-year-old client.  This client had a promissory note from their broker for $200,000 which was to be paid back at a rate of $1,200 a month. The elderly client would have to live a very long time to receive all of their money back. Within one week, the firm fired the advisor and fully compensated the 86 year-old client.
FINRA gives another example of an investor who was trying to close out her account for almost a year, and the firm was delaying it. FINRA contacted the firm, which then liquidated the account and credited the client $50 toward her account balance.
FINRA finds many alarming situations regarding seniors and their investments.  Currently FINRA is tracking their calls and is scheduling meetings with firms based on these calls.
If you or an elderly family member feel that you have been taken advantage of by your broker or financial advisor, call Soreide Law Group at no cost, for a consultation with a lawyer regarding the possibility of recovering your financial investments at:  888-760-6552.