In a recent MoneyWatch article, Steve Vernon writes that investment fraud and financial abuse targeting the elderly is a major problem today, according to a recent survey by the Investor Protection Trust and Investor Protection Institute. The top three ways in which seniors are exploited are: Theft of diversion of funds or property by caregivers […]

Stephen Nietsch (CRD #3111082, Registered Representative, Boynton Beach, Florida) was barred from association with any FINRA member in any capacity and ordered to pay $20,000, plus interest, in restitution to a customer. The sanctions were based on findings that Nietsch borrowed $20,000 from an elderly customer contrary to his member firm’s procedures prohibiting him from […]

The financial industry has been anticipating this time in history ever since the Baby Boom generation began. There are more people who will be turning more money over to stockbrokers than at any other time in history.  We have watched the abuse investors have taken. Take for example, the investors in Worldcom or Enron. They soon learned that things are […]

The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, January 2012.”   Andrew James Aragona (CRD #1320844, Registered Representative, Deerfield Beach, Florida)   was named as a respondent in a FINRA complaint alleging that he recommended variable annuity switches to an elderly customer who had a moderate risk tolerance and a primary investment objective […]

The brokerage, LPL Financial, LLC, was fined $100,000 November 22, 2011,  by the State of Oregon for failing to supervise a broker that sold high-risk oil and gas partnerships to clients, many of whom were elderly. According to the Oregon Department of Consumer and Business Services, a former LPL representative, Jack Kleck, sold the oil and gas investments […]

An article appeared in the About.com Guide, written by Julie Garber regarding a Miami broker and elder abuse.  She wrote that recently a Miami news station reported on the elder abuse case of Josephine Troisi, age 93, and her sister, Mary Teris, age 95. A few years ago the sisters, who live together in Hollywood, Florida, hired […]