Our firm is changing awareness of the issue and putting pressure on unethical financial advisors and brokers.
BOCA RATON, Fla. (PRWEB) August 24, 2017
Silver Law Group, a national law firm that specializes in elder financial fraud and stockbroker misconduct, is proud to announce the launch of a new website dedicated to preventing elder financial fraud and seeking remedy for the victims of dishonest financial advisors, brokers, and others: elderfinancialfraudattorneys.com.
As our population ages, elder financial fraud has become one of the fastest growing crimes in the United States, but it remains one of the least reported. Adult Protective Services (APS) estimated that only one in 44 cases is reported to law enforcement or APS and approximately one in 20 older adults have indicated “some form of perceived financial mistreatment occurring in the recent past.”
“Elder financial fraud has grown into a social crisis, with seniors losing roughly $37 billion dollars a year because of it,” said Scott Silver, Managing Partner of the Silver Law Group. “Licensed members of the financial services industry are partially responsible, and many victims don’t know that there are legal ways to seek justice and possibly recover lost money. Our firm is changing awareness of the issue and putting pressure on unethical financial advisors and brokers.”
Elderfinancialfraudattorneys.com is an online resource dedicated to educating the elderly and their families about a range of topics and solutions for this pressing issue. The site outlines exactly what constitutes elder financial fraud, its prevalence, and the actions that individuals can take to either prevent victimization by an unethical broker, financial advisor, or firm, or steps that victims can take to recover their losses and seek justice.
Visitors to the site learn about common forms of financial fraud perpetrated against the elderly, including but not limited to:
- Churning: When an unethical broker makes unnecessary trades solely to generate additional commissions.
- Power of attorney fraud: When an investment advisor or broker gains the trust of an elderly individual, some of whom have diminished capacity, and gains power of attorney to make financial decisions on their behalf.
- Theft/Improper Borrowing of Funds: A financial advisor should not borrow money from clients or otherwise take money or other assets for personal use.
- Unsuitability: Brokers and advisors are required to consider an elderly client’s financial goals and situation before recommending investments that carry a high degree of risk.
In addition, the website regularly features recent investigations, regulatory changes, and disciplinary actions undertaken by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) in response to allegations of elder financial fraud.
About Silver Law Group
The attorneys at Silver Law Group are leaders in the field of securities arbitration and elder financial fraud. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities and Financial Fraud Group and the firm’s attorneys routinely pursue claims in securities arbitrations conducted by the Financial Industry Regulatory Authority (FINRA) and in federal court for violations of various states’ laws against elder abuse. The firm’s lawyers have recovered millions of dollars for elderly clients making claims in FINRA arbitration and it has successfully won cases in which Florida elder abuse statutes were violated.
Scott Silver is a frequent commentator about elder financial abuse in national publications and his cases have been covered by numerous news outlets.
For more information on the growing prevalence of elder financial fraud, please contact: