Financial Scams Targeting Seniors
We Fight on Behalf of the Elderly and Others Harmed by Financial Misconduct and Other Exploitation
According to the United States Department of Justice, millions of people in the United States are victims of financial fraud each year. Many of those victims are elderly, likely because the elderly are seen as having money, being trusting, and failing to recognize a financial scam as quickly as those who are younger. Financial scams take many different forms including false sweepstakes winnings, charity fraud, improper investments, or theft by nursing home employees.
Financial scams can also occur when a financial advisor tricks an elderly person into buying an annuity that is inappropriate for the elderly investor. In many cases, these annuities generate substantial commissions for the advisor selling the annuity.
Financial advisors sometimes also seek to have elderly clients purchase and sell stocks on a frequent (sometimes daily) basis. Often the reason for this frequent trading activity is not related to market activities, but rather to the commissions paid to the financial advisor.
Perpetrators of Financial Scams Count On Their Victims Not Reporting the Crime
The elderly likely are also targeted for financial scams because the perpetrators believe that if they do realize they have been scammed, they are less likely to report the crime. Instead, they may feel embarrassed that they got taken, they may not want to involve the police, or they may feel like it was their fault because they did not prevent the scam.
We Fight Against Those Who Take Advantage of the Elderly and Others Through Financial Scams and Exploitation
Financial crimes against the elderly are especially devastating because they are often incapable of recovering financial losses. Typically, they are too frail to re-enter the workforce. A lifetime of hard work and sacrifice, and an inheritance intended to be passed to the next generation, can quickly disappear through fraudulent schemes. The emotional impact of elder fraud can be traumatic as well.
Fortunately, there are laws to protect seniors against financial schemes and exploitation. In Michigan, taking advantage of elders through deceit and deception may constitute a crime and should be reported to the proper authorities. Even if the actions do not constitute a crime, the person committing the exploitation can be held accountable in civil court for the damages inflicted.
If You Believe that You or an Elderly Family Member is Being Exploited, Please Call Our Firm.
We will meet with you at your convenience to learn about your case. We can then advise you as to whether we believe that the actions taken should be reported to the police, and how we can help you fight back in civil court. If your case is accepted, we will work on a contingency fee basis, meaning that you will not owe us for any fees unless we first recover compensation for you.