ATTORNEY NEWSLETTER
Seniors: Watch Out for Stockbroker Fraud
If You’re a Victim, We Can Help
Unscrupulous stockbrokers prey on seniors in particular. After all, seniors hold 1/3 of the nation’s wealth. Seniors may also be more receptive to higher return opportunities in a low interest rate environment. Be careful. Stockbroker are looking for commissions; they don’t earn money if seniors keep clipping coupons off municipal bonds. Here are some things to look for as you review your statements or recent conversations with your broker:
- Is your broker pushing an annuity or recommending replacement of an existing one?
- Does your broker recommend risky investments?
- Is there excessive trading in your account?
- Are the same stocks (or stocks in the same sector) bought and sold continuously?
- Are there unauthorized trades?
- Are your investments too concentrated in one industry?
- Is the broker earning big commissions while you lose money?
- Is there excessive use of margin in your account?
- Is the broker pushing a risky private placement?
- Does the broker fail to use limit orders on sales?
The Marin County and California securities fraud and financial elder abuse attorneys at Evans Law Firm, Inc. represent California consumers, especially seniors, who have suffered from fraud and/or financial elder abuse at the hands of a stockbroker selling them inappropriate or unsuitable investments including annuities, churning their accounts or their annuities, and/or failing to disclose important information. Call us today at (415)441-8669.
If you are a senior, the broker’s actions may constitute financial elder abuse entitling you to extra damages and reimbursement of your attorneys’ fees and costs for bringing your action. Our lawyers fight for seniors every day in California courts when they have been financially exploited by brokers, insurance agents, retirement planners, financial advisors, and others. If a new broker reaches out to you, do a background check at investor.gov. You may want to run a check on your current broker too to see if there have been any complaints. Visit https://brokercheck.finra.org/.
Contact Us
If you or someone you love is the victim of any type of securities fraud or financial elder abuse in California, call Ingrid M. Evans and the other Marin County and California securities fraud and elder abuse attorneys at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with fraud and financial elder abuse cases and complex qui tam or whistleblower cases including offshore tax avoidance cases, complex financial contract cases and cases against large insurance companies. We can help guide your case through a FINRA Arbitration, jury trial or toward an equitable settlement. We also handle cases involving physical elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
