Category: Financial Exploitation

ATTORNEY NEWSLETTER The Senior Safe Act: Encouraging Financial Institutions to Report Abuse Financial elder abuse is an epidemic: each year over five million senior citizens fall victim to financial elder abuse. The financial toll is estimated at $30 billion annually.  Alert bankers and financial advisors are the first line of […]

ATTORNEY NEWSLETTER Seniors: Watch Out for Financial Fraud From Planners, Stockbrokers and Financial Advisors If You’re a Victim, We Can Help Unscrupulous financial advisors, retirement planners and stock brokers prey on seniors in particular. In some cases, the broker/advisor has a history of preying on the elderly but the brokerage […]

ATTORNEY NEWSLETTER FINRA Reports Surge In Financial Elder Abuse Claims Unsuitable Products, Breach of Contract, Negligent Advice and More Investors harmed by broker or advisor recommendations can file complaints about the misconduct with the Financial Industry Regulatory Authority (FINRA). FINRA has the power to levy fines and disciplinary sanctions.  The […]

ATTORNEY NEWSLETTER Unraveling The Woodbridge Ponzi Scheme Former CEO To Pay $120 Million Fine Robert Shapiro, former chief executive officer of the Woodbridge Group of Companies, has reportedly agreed to pay $120 million to the Securities and Exchange Commission (SEC) to settle allegations he defrauded investors in a massive $1.2 […]

ATTORNEY NEWSLETTER Annuity Scams Targeted At Seniors Annuity Fraud On average, a senior victimized by financial elder abuse loses over $140,000. That level of monetary loss is devastating.  Unscrupulous insurance agents are among the financial predators on seniors, selling them unsuitable annuities and life insurance that line agents’ pockets with […]

ATTORNEY NEWSLETTER Securities Fraud on Seniors Securities Law and Elder Law Violations All California consumers are potential victims of securities fraud but seniors are at greatest risk. Unscrupulous brokers and promoters target seniors because they have more money to invest for one thing.  But seniors may also be easier targets […]

ATTORNEY NEWSLETTER Elder Abuse in Alameda County Most Reported Cases are for Financial Elder Abuse Elder abuse is a real problem in Alameda County and throughout California. Although elder abuse takes different forms (physical, financial, neglect, psychological, etc.), over 70% of reported cases in Alameda County involve financial elder abuse.  […]

ATTORNEY NEWSLETTER The Trouble With Annuity Replacements Churning Annuities In shifting economic climates, insurance agents often recommend replacement of old annuity or whole or universal life insurance policies with promises of better, newer products. For most policyholders, especially seniors, replacements are inappropriate because they are expensive, can trigger tax liabilities, […]

ATTORNEY NEWSLETTER Be Wary of Annuities in Retirement Accounts 401(k)s and IRAs Are Already Tax-Deferred Tax deferral is the key to successful retirement savings. 401(k)s, IRAs, SEPs and the like offer tax deferral and retirement savings grow tax-free until it’s time to withdraw without penalty after age 59 ½. Earlier […]

ATTORNEY NEWSLETTER President Obama’s Fiduciary Rule Put You First, Not Your Broker The Current Administration Will Eliminate That Protection The Trump Administration is intent on destroying consumer protection. Witness his attack on the Consumer Financial Protection Bureau and now on President Obama’s initiative to protect consumers from financial advisors who […]