Articles Posted in Elder Fraud

FINRA recently amended a rule that would require brokerage firms to establish a contact for at-risk seniors. In March 2017, FINRA amended FINRA Rule 4512 to require member firms to make reasonable efforts to obtain the name and contact information for a trusted contact person upon the opening of a…

FINRA and the SEC adopted and approved a new rule that is intended to help curb elder financial fraud. In March 2017, FINRA adopted FINRA Rule 2165. Financial Exploitation of Specified Adults.  Shortly thereafter, the SEC approved the rule with an effective date of February 2018 set in place. FINRA…

The SEC announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars. In the SEC’s complaint, the SEC alleges that Daniel H. Glick (CRD# 2175655) and his unregistered investment advisory firm…

FINRA has barred Fort Lauderdale, Florida-based broker Douglas W. Studer (CRD# 4440047) for refusing to testify on the record in a FINRA-led investigation into whether Studer violated his employing firm’s policy by being named in an elderly customer’s estate documents to inherit the customer’s waterfront condominium. Studer was employed by…

Find out how the proposed law would help protect the elderly Elder financial fraud in the U.S. has now reached an epidemic level. According to an estimate from the Government Accountability Office (GAO), seniors are scammed out of almost $3 billion every year. Fortunately, plans are in the works to…

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…

FINRA recognizes that our seniors are especially vulnerable to financial fraud—is HELPS helping? In 2015, FINRA launched a new program called HELPS, a hotline for senior investors with questions about the legitimacy of their investments. The program is intended to help combat elder financial fraud, which is rampant across the…

The Financial Industry Regulatory Authority (the “FINRA”) awarded more than $34 million on March 18, 2016 to the estate of former Home Shopping Network chief Roy M. Speer in its claim against Morgan Stanley for churning the late Mr. Speer’s account. The all-public arbitration panel ruled that Morgan Stanley, broker…

Nevada financial broker permanently barred from all FINRA activity after taking advantage of elderly clients Henderson, NV broker Glenn Moffitt was permanently barred from all FINRA activity for allegedly misappropriating funds from elderly clients between 2011-2014.  According to his FINRA report, Moffitt is accused of misappropriating at least $370,000 and…

Broker misconduct results in “substantial harm’ to elderly customers Philip Leonard Grasso Jr.’s 18-year career in the securities industry is now over due to allegations of elder fraud, where he purportedly misused funds, willfully misrepresented material facts and failed to complete on-the-record testimony requested by FINRA. According to the FINRA…