SEC Says Financial Exploitation Of Elderly Is Increasing
According to the U.S. Securities and Exchange Commission (SEC), the financial exploitation of senior citizens continues to increase, as reported in Investment News. The report indicates that 40 million Americans are age 65 or older and that number will increase to 89 million in 2050. Interestingly, even though senior citizens only make up 15% of the total population, they represent 30% of all fraud victims.
Since there are so many senior citizens that have lost a considerable portion of their retirement assets, they are prime targets for scams and unsuitable investments as they seek to try and regain some of their losses. During the time period of 2007 and 2009, senior retirement assets took a licking by falling some 25% or around $4.5 trillion.
A 2004 survey of state adult protective services reveals that financial exploitation of the elderly is certainly in part due to scams or unsuitable advice by financial professionals, followed by the perpetrator being an adult child (32.6%), other family members (21.5%), unknown relationship (16.3%) and spouse or intimate partner (11.3%).
If you, a family member or a friend has been a victim of financial abuse, please contact our securities law firm for a confidential, no obligation consultation at 1-800-259-9010.