Securities Arbitration Lawyers BlogFINRA’s Securities Helpline for Seniors
In April 2015, the Financial Industry Regulatory (FINRA) established the toll-free, FINRA Securities Helpline for Seniors. In the short amount of time of its existence, the helpline and the awareness it has brought to FINRA member firms has produced fruitful results.
According to a wealthmanagement.com report, $1.25 million in reimbursements have gone back to customers since the inception of the helpline. The helpline has received over 4,000 in-bound calls, according to the report.
According to the report, these phone calls can range from being strictly educational and used to learn about different FINRA functions or investment products to ones where FINRA discovers fraud.
In one particular situation, according to the report, a tax professional called the helpline on behalf of an 86-year-old client who had a promissory note from their broker for $200,000 to be paid back at a rate of $1,200 per month. At those terms, it would take 167 years to pay off the note, not counting accumulating interest, leaving the client at a ripe old age of 253 before the client ever saw his money. This clearly was not feasible for the client, given his age, or probably any other person.
Within a week, the firm fired the broker and returned the money to the client.
The helpline has done a lot of good in terms of raising awareness of senior investor issues and providing a useful resource for them and those who work closely with them, but instances of abuse still fall through the cracks.
The issues are particular numerous in Florida, home of the largest retirement community in the nation and where many seniors come to enjoy their retirement.
Silver Law Group has and is currently representing elder investors who have lost much of their life savings due to Wall Street greed and disregard of elder abuse and exploitation laws. If you or a loved one has lost money investing due to violation of elder abuse and exploitation laws, you may be able to recover some or all of your losses.
Silver Law Group represents the interests of investors and senior investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.