A Rampant Problem
As your Tampa elder investment fraud lawyer will tell you, this problem is pervasive, especially in a state like Florida where so many retirees settle. While certain miscreants have always preyed upon the elderly, two factors contribute to this being an increasing problem. First, more Americans are reaching retirement age today than ever before, and the ratio of retirees to the overall population has grown to an historic high. Second, the Great Recession has led many to seek any means of getting money, including committing crimes. A study conducted by MetLife found that elder financial abuse has led to losses of approximately $3 billion in 2010, and the numbers continue to grow.
What Is Investment Fraud?
Investment fraud involves the improper or illegal use of another’s assets for financial gain. As your Tampa elder investment fraud attorney will explain, elder financial abuse occurs in a number of ways. A few of these are:
• Forging of financial documents
• Signing a contract in the name of the elder
• Convincing an elder to turn over assets
The predator typically promises the elder high returns on investment in a short time and applies pressure to ensure a quick decision. So-called “free lunch seminars” have become a favored tactic for deceiving elders into supposed investment opportunities.
Signs of Elder Investment Fraud
No one wants to see an elderly loved one victimized in an investment fraud scheme. There are certain telling signs to look for:
• The elder mentions that he has a new financial advisor.
• He has invested money in a “plan” which guarantees an artificially high return.
• He has difficulty in getting hold of the advisor.
• Payments are made directly to the “advisor” rather than the company he purportedly represents.
• Control of assets has been turned over to a new advisor.
A Tampa Elder Investment Fraud Lawyer Can Help
If you believe that your elderly loved one has been victimized in a suspicious financial scheme, contact a Tampa elder investment fraud attorney who will fight for his or her rights. Call Peter Giroux at (727) 895-5399.