ATTORNEY NEWSLETTER

FINRA Senior Hotline

Calls Lead to Help

There are lots of unsavory people out there preying on senior citizens. Too often, the swindlers are financial advisors, insurance agents or brokers and bankers. People you should be able to trust. The reality is far different. Each year advisors, brokers and agents swindle seniors out of tens of millions. Indeed, licensed or “certified” financial professionals commit the most heinous financial crimes against seniors. If you or a loved one has been the victim of securities fraud or financial elder abuse, or if you need a lawyer to handle a FINRA securities/stock arbitration case contact the Evans Law Firm at 1-888-503-8267.

Watchdogs After Fraud

The financial industry is starting to do some housecleaning in light of the problem through its governing Financial Industry Regulatory Authority (FINRA). Two years ago, FINRA established a hotline for seniors (1-844-574-3577) and the response has been overwhelming. In less than two years the hotline fielded over 9,200 calls from individuals on average around 70 years old. FINRA referred 650 matters to federal and State regulators, and made more than 130 referrals to Adult Protective Services. Hundreds of calls initiated internal investigations or disciplinary proceedings. FINRA recently increased the program’s budget and the hotline is here to stay.

Most Common Complaints of Fraud and Abuse

Seniors call in about a variety of matters but lately there are disturbing trends. Staffers see an increase in calls about unsuitable recommendations, fraud, excessive trading and churning, and other illegal activity involving brokerage accounts and investments, as well as abuse and exploitation by persons outside of the securities industry. FINRA refers callers to the right place when the calls are beyond FINRA’s domain. The FINRA hotline in fact is just one of many help services for seniors. We at Evans Law Firm, who see each day the need for such services, applaud all efforts to protect seniors from fraud and financial elder abuse.

Contact Us

If you or a loved one has been a victim of any kind of securities fraud or insurance or annuity fraud or is headed to a FINRA arbitration in San Francisco County or in any California county, contact the Evans Law Firm elder attorneys at (415) 441-8669, or by email at info@evanslaw.com. Our attorneys have experience with securities and financial fraud, and large insurance companies. We can help guide your case through a jury trial, FINRA arbitration, or equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.