Florida Elder Exploitation by Financial and Investment Firms

Palm Beach County Elder Law Firm

Elder financial abuse, fraud and exploitation takes many forms and originates from many sources.

Over the years, our firm has handled elder exploitation cases involving friends, family, caregivers, and supposedly trustworthy institutions such as financial and investment companies and their employees.

It is estimated that losses from financial exploitation of the elderly in the US have reached nearly $40 billion annually.

A significant percentage of these financial crimes originate with unscrupulous financial advisors, stockbrokers, accountants, investment counselors and other bank and brokerage firm employees, who may see their elderly clients as relatively easy targets for fraud and theft, breaching their fiduciary duties and breaking the law simultaneously.

In many cases involving company-based elder financial abuse, such theft can come in various forms which may be committed over an extended period and be difficult to spot if there is not diligent and frequent account review by the client.

Thorough, documented estate planning, elder law-specific actions and legal oversight such as and incapacity planning and guardianship, when necessary, can create the legal barriers to help protect against elder financial exploitation.

What Are Some Examples of Elder Exploitation Committed by Financial and Investment Company Employees?

* Churning. This is the process of excessive trading on an account to generate increased commissions to the broker.

* Unauthorized withdrawals, trades or sales related to client accounts.

* Diversion of funds from client accounts.

* Placing client funds into inappropriately high-risk investments.

* High pressure sales seminars, especially for products promoted as high return/risk free investments.

If you think you or an elderly loved one has been victimized by a financial firm, its employees, or any other business, organization or individual, you should take immediate legal action to stop the financial exploitation and those who have allegedly committed it.

At Kitroser Lewis & Mighdoll, we offer our clients decades of attorney experience protecting elderly and vulnerable clients from all types of exploitation, fraud and abuse. We look forward to working with you soon.

We Are Your Family’s Lawyers

North Palm Beach and Jensen Beach Offices