Litigating Elder Financial Exploitation Cases: Defending Banks in a Tough Spot — The Consumer Finance Podcast
Legally Qualified: Protecting Against Elder Investment Fraud and Exploitation
Despite limited regulatory requirements to intervene, broker-dealers face exposure to discipline and liability claims when elderly clients fall victim to financial exploitation. In an environment of increased financial...more
June is Elder Abuse Awareness Month, a time to raise awareness of the growing trend of financial exploitation, which has become one of the most prevalent forms of abuse targeting the senior population. During the 2025...more
In recent years there has been a spate of legislation and rules passed to protect senior investors. Similarly, observers of FINRA’s and the SEC’s annual priorities will, of course, have noticed both bodies’ inclusion of elder...more
In 2019, I wrote about a then pending proposal, SB 496 (Moorlach), to add broker-dealers and investment advisers to the category of mandated reporters of known or suspected financial abuse of elders or dependent adults. ...more
Following the passage of last year’s federal Senior Safe Act, several states moved to beef up protections for senior investors by permitting brokers to act without liability. • Rhode Island’s Senior Savings Protection Act...more
With older adults increasingly targeted by financial scammers, Governor Bill Lee has proclaimed Saturday, June 15, 2019, as Elder Abuse Awareness Day in Tennessee to warn seniors and their families and help them avoid falling...more
The California Elder Abuse and Dependent Adult Civil Protection Act mandates reporting of suspected financial abuse of an elder or dependent adult. Cal. Welf. & Inst. Code § 15630.1. Under the act, a "mandated reporter of...more
The securities industry’s concern over the aging of the U.S. population, specifically, aging investors, has, apparently, reached a fever pitch. On February 5th in New York, SIFMA hosted its “Senior Investor Protection...more
This legal alert is the first in a series addressing the ever-changing regulatory landscape relating to senior investors, state law, and a broker-dealer’s legal obligation, if any, to protect its vulnerable customers. We...more
Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more
On September 17, 2015, FINRA announced that it would propose rules to help member firms protect seniors and other vulnerable adults from financial exploitation. The proposal would create a safe harbor enabling broker-dealer...more