With the growing number of our citizens reaching 60 or above, we are also seeing a growing number of victims of investment fraud in this age group. In fact, people over the age of 60 account for over thirty percent of investment fraud victims.
Most seniors are living on a fixed income. These investment losses can devastate the lifestyle and retirement of a senior who gets taken advantage of by their broker/financial advisor.
Seniors are often targeted for several reasons. They have savings available for their retirements, they want a promised guaranteed return, they are trusting, and may not be aware of the 'total picture' of what they are investing in, or they may be embarrassed or reluctant to report the fraud to their family or the proper authorities. Some seniors may not understand what exactly they are getting into and may be attracted to Ponzi-type schemes, insurance frauds, Internet fraud, and several other marketing campaigns aimed right at the senior investors taking advantage of their trusting nature.
If you are contacted by a broker/financial advisor by phone, in person, or by the Internet, before you even consider investing with them make sure to ask the following questions:
1. How did you get my name?
2. Is there risk involved in this investment? Is it liquid, can I get my money out?
3. Can you explain this investment to me?
4. Who do you work for, and can you give me your references?
5. Can you explain this investment to my family member, attorney or accountant?
6. Will you meet me in person? Then take a trusted friend or family member.
At Soreide Law Group we highly recommend you look up the broker on FINRA's BrokerCheck before investing. Some of the very valuable information you will find there is the broker report summary giving the credentials and qualifications of the broker, registration and employment history, and their disciplinary history including past and present disputes.
If you or an elderly family member have had financial losses due to your broker/financial advisor, call the Soreide Law Group for a free consultation on how to potentially recover those losses at 888-760-6552. We represent clients nationwide before FINRA.