Elder Financial Fraud Attorneys in California
If your elderly family member is still managing their own finances, you may have good reason to worry about their susceptibility to theft, scammers, and other forms of financial fraud.
Older Americans are particularly vulnerable to elder financial fraud and are deliberately tailored to exploit the weaknesses of senior citizens. In fact, elderly people in America collectively lose billions of dollars per year to scams.
When you suspect that your aging family member is vulnerable to being taken advantage of by financial fraudsters, there are a few things you can do to protect them:
Talk About Common Scams
According to Forbes, top elder scams in the United States include:
- Pension advances (“exorbitant loans with little or no regulation”)
- So-called senior specialists (individuals or groups who claim to have special training to advise seniors)
- High-yield investment schemes (gold, silver, real estate, etc.)
- And sales by unregistered brokers who are always bouncing around to different firms
Talk About Proper Vetting
One of the best things you can teach your senior is how to research a broker or financial advisor’s history online. The Internet also provides a great platform for researching various pitches and investments and getting a sense of its legitimacy.
The California Department of Business Oversight is a great resource for seniors who are trying to determine whether an investment pitch is a scam or not, and it also provides a list of known scams and consumer complaints.
Opt-Out of All Solicitations
Another great way to preemptively block scammers is to place your elderly family members on the no-call list and stop all:
- Sales calls
- Commercial mail solicitations
- And credit offers
How We Can Help
If you are on the other end of elder financial fraud and fear that your loved one is already being taken advantage of, do not wait to call our investment fraud attorneys at Baldwin Mader Law Group.
Our elder fraud lawyers are available to discuss your case and provide a confidential evaluation. Call (310) 220-0988 to get started today.