Securities Arbitration Lawyers BlogThe Elder Abuse Prevention and Prosecution Act
On October 18, a new law went into effect that could be extremely beneficial to older investors. The Elder Abuse Prevention and Prosecution Act is a “multi-pronged approach to prevent elder abuse, protect victims, and prosecute perpetrators of elder abuse crimes.”
Immediately put in place are investigation and prosecution requirements for the Department of Justice (DOJ) in regard to crimes of elder abuse. Specifically, the new law will target telemarketing and email fraud designed to “induce investment for financial profit, participation in a business opportunity, or commitment to a loan.”
If someone is convicted of telemarketing or email fraud that targeted someone over the age of 55, they will be subjected to extra criminal penalties along with a mandatory forfeiture. The bill has also added health care fraud to the list of offenses that come with enhanced penalties.