Who’s Scamming Granny? The Answer Might Surprise You

May 4th, 2011
by Daniel Carlson
NEW YORK, NY - MAY 11:  Galleon Group founder ...

Image by Getty Images via @daylife

It’s sad but true: every day in America, more and more retirees find themselves victims of investment fraud. Although they constitute just 15 percent of the total population, the United States Securities and Exchange Commission (SEC) estimates that seniors make up 30 percent of those victimized through fraudulent investment schemes.

What makes older Americans such prime targets? Many find themselves with smaller nest eggs than they’d imagined. On top of that, they’re often getting disappointingly small returns on the investments that they do have thanks to historically low interest rates. The result? They’re prime targets for scam artists.

Although financial “professionals” are sometimes the guilty parties, family members are the most frequent perpetrators. A 2004 survey of state adult protective services revealed that grown children (32.6 percent) are the likeliest culprits, followed by other family members (21.5 percent) and spouses (11.3 percent).

Think that you’ve been the victim of investment fraud? Then consider contacting an experienced investment attorney who can offer advice regarding your options. At Carlson Law, we’ll provide you with an initial consultation over the phone, review pertinent documents with you and recommend how you should proceed—all at no cost.

Lawmakers, regulators like the SEC, and securities firms all need to address the growing problem of senior citizen investment fraud. Meanwhile, seniors themselves can take steps to protect themselves from financial abuse by following these “10 Tips to Protect Your Nestegg,” courtesy of the North American Securities Administrators Association.

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Posted in Broker Fraud, Fiduciary Duty Breach, Investment Fraud, Negligent Misrepresentation, Securities Arbitration, Securities Fraud, Securities Law, Securities Litigation, Stock Loss | Comments (0)

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