Elder Financial Abuse
Senior citizens place more trust in strangers offering "great" investment ideas, as compared with a younger generation of consumers. Our parents and grandparents grew up and invested in a simpler time. In today's world, fraudulent securities sellers, real estate development schemes, and financial advisors selling fraudulent investments are more sophisticated than ever, and they rob senior citizens of their retirement accounts. The law provides substantial damages, and encourages the bringing of claims for elder financial abuse.
Elder Financial Abuse Litigation
The ways and means of taking control of the money or property of senior citizens are virtually infinite. They include:
- Phony real estate development schemes
- Securities misrepresentations
- Unsuitable investments
- Fraudulent and misleading prospectuses to induce investments
- Variable annuity sales
- Fraudulent revocable and irrevocable trust scams
- Excessive broker commissions and fees charged for investment actions
- Illegal second mortgages or home equity loan inducements
- Fraudulent LLC and business partnership plans
- Fraudulent venture capital investment plans
Variable and Other Annuities
One of the most common forms of elder financial abuse is the placing of a senior citizen's retirement funds into a variable or other type of annuity. Annuity contracts come in a variety of forms, private and public, fixed and variable, etc. The right contract, in the right circumstances, can be an appropriate investment vehicle. The wrong contract, however, can be financially devastating. Variable annuity contracts are complicated legal documents. They are frequently sold to unsophisticated investors, without proper disclosure of all of their substantial risks - - any they are sold because of the high commissions paid to the broker or agent, and not for the benefit of the senior citizen investor.
If you or a parent or grandparent has become a victim of elder financial abuse, contact the elder financial abuse attorneys' offices of Virginia H. Gaburo & Associates to discuss your legal options, and get the help you need to recover the money, and the dignity, which have been lost.
For more information about securities law, visit the following Practice Information Pages on this website:
