When an older adult is manipulated into transferring assets to another person who uses the assets for their own personal use financial elder abuse may have occurred.
A common area of financial elder abuse is Securities Fraud or Broker Misconduct. When an elder investor is placed in an investment that is not suitable to that given investor, financial elder abuse may have occurred and could be actionable under the Financial Industry Regulatory Authority (FINRA).
One of the most common investments that are often unsuitable for an elder investor are Non-Traded REITS (Real Estate Investment Trusts). Non-traded REITS are subject to high fees and costs and lack a publicly traded market. Therefore, since non-traded REITS are expensive and lack liquidity they are often not suitable for elder investors.
Our older population are vulnerable to unscrupulous brokers and investment advisers. Therefore, it is important be aware of the follow Red Fags:
- A sudden reluctance to discuss financial matters.
- A sudden atypical or unexplained withdrawal
- or first time wire transfers.
If you believe you or your loved one have been of victim of Financial Elder Abuse, Securities Fraud, or Broker Misconduct contact Miller Law Group for a free consultation, or call 919-348-4361.