elder financial fraud

How to Report Elder Financial Fraud

May 16, 2018 | Silver Law Group

Learn about the steps involved for victims, loved ones, and financial professionals

Elder financial fraud is an epidemic in this country that not a lot of people know about and even fewer talk about. And “epidemic” isn’t an exaggeration; every year, billions of dollars are scammed and stolen from seniors by trusted individuals, including financial advisors, caregivers, and even their own family members. And what’s worse is that a large percentage of these cases aren’t reported.

Why are older people more susceptible to financial abuse?

Silver Law Group Files FINRA Arbitration Claim Alleging Excessive use of Margin, High Commissions and Elder Financial Fraud on behalf of an Unsophisticated Retiree

February 7, 2018 | Silver Law Group

Silver Law Group, a law firm specializing in securities and investment fraud, has filed a securities arbitration claim with FINRA on behalf of an elderly investor alleging stockbroker misconduct and the unsuitable use of margin and excessive trading.

FINRA recently issued investor guidance highlighting “Purchasing on Margin, Risks Involved with Trading in a Margin Account.” FINRA describes the risks including the following:

You can lose more funds than you deposit in the margin account;

Elder Financial Fraud Has an Impact on the Financial Well-Being of Caregivers

September 7, 2017 | Silver Law Group

A new study from Allianz Life Insurance Company of North America offers tips on how to protect yourself and your loved ones against financial abuse

Elder financial abuse affects not only the elderly victims, but those who care them as well. According to a recent study by Allianz Life Insurance Company of North America, the average financial loss of elderly victims was $36,000; and this financial impact often resulted in “financial ruin.” What’s more, the financial impact on active and potential caregivers equaled an average cost of $36,000 as well, given the necessity to compensate for a loved one’s loss. Elder financial fraud clearly has a far-reaching impact beyond its senior victims.

The cost of caregiving

Robert N. Tricarico, Formerly of LPL Financial, Under Investigation After He Pled Guilty Misappropriating $1.2 Million from an Elderly Client

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former LPL Financial LLC (CRD# 6413) broker Robert N. Tricarico (CRD# 1500863) after he pled guilty to one count of wire fraud against an elderly investor in a federal court in Connecticut.

According to Tricarico’s FINRA BrokerCheck, Tricarico pled guilty in June 2016 in a Hartford, Connecticut federal court to one count of wire fraud related to his misappropriation of more than $1.2 million from an elderly client.

According to court documents and statements made in court, from January 2010 to June 2013, Tricarico served as the financial advisor for an elderly investor who had significant assets. Tricarico misappropriated more than $1.1 million from the senior by writing numerous checks to himself or for his benefit without the victim’s authorization. Additionally, Tricarico liquidated the senior’s coin collection and cashed checks for himself that were made payable to the senior.

FINRA Adopts Amendment to Rule That Would Provide Trusted Contact for Seniors with Diminished Capacities

June 6, 2017 | Silver Law Group

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 customer’s account.

The proposal to amend the rule was initially pitched in late October 2016 and has gone through the comment phase up until FINRA adopted and the SEC approved it.

SEC Halts Chicago-based Fraud Targeting Seniors Involving Daniel H. Glick, Formerly of Transamerica Financial Advisors

June 6, 2017 | Silver Law Group

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 Financial Management Strategies (“FMS”) took advantage of seniors who entrusted him with millions of dollars’ worth of their retirement savings.

According to the SEC complaint, Glick and his companies raised over $6 million from elderly investors, with most of the money coming from two families. Glick first raised money though Glick & Associates until dissolution in 2014, then through Glick Accounting Services and FMS.

Elder Financial Fraud News Round-Up

May 31, 2017 | Silver Law Group

Mormon seniors reportedly victimized in San Diego investment scam, Ohio broker admits guilt in theft of more than 500k from senior client, and Oklahoma begins educational initiative

Throughout the U.S., seniors are experiencing perhaps a higher prevalence of fraud than ever before– and scammers are getting increasingly inventive in the ways in which they target elderly victims. From claims of fake prize money, to financial advisor fraud and investment scammers targeting elderly churchgoers, no seniors are truly safe from fraud unless they educate themselves about major scams and significantly increase their financial literacy. Here’s a roundup of some of the latest elder fraud news from around the country.

Oklahoma increases senior education efforts in an attempt to equip the elderly with fraud-fighting tools

How to Spot Elder Financial Fraud (and How Ethical Financial Advisors Should Act to Stop It)

May 26, 2017 | Silver Law Group

Advisors and other trusted professionals have an ethical duty to stop senior financial fraud

Elder financial fraud is an increasingly serious issue in the U.S. As more Americans become seniors – at the rate of about 10,000 a day – new victims across the country are feeling the consequences. This means that whether you’re a financial advisor, accountant, or lawyer with elderly clients, or you simply have older friends or family members, it’s essential to understand the warning signs of senior financial fraud. By doing so, you may be able to help protect the seniors you care about from serious monetary losses as well as the associated emotional damage when someone becomes a victim.

FINRA has made several recent changes in order to help advisors combat senior fraud

FINRA Bars Former Kovack Broker For Allegedly Naming Himself as Inheritor of 91-year-old Customer’s Condo

May 25, 2017 | Silver Law Group

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 Kovack Securities Inc. (CRD# 44848) until Kovack terminated him in July 2016, according to the Acceptance, Waiver and Consent (“AWC”) entered into between Studer and FINRA.

According to the AWC, FINRA began investigating Studer on August 2, 2016. Studer was asked to record testimony, but he refused to appear. Allegedly, Studer appeared on his 91-year-old customer’s estate documents and was to inherit the elderly customer’s waterfront condominium.

6 Resources That Will Help You Understand, Prevent, and Address Elder Financial Fraud

May 22, 2017 | Silver Law Group

Knowledge is power when looking to prevent or address elder financial fraud

Sadly, it seems as though a week can’t go by without elder financial fraud making the news. Whether it’s at the hands of a family member or a financial professional, elder financial abuse continues to be rampant in the U.S.

One of the best ways for you or your older loved ones to avoid being victimized by elder financial fraud and abuse is by being vigilant, and you can do this by staying informed. Here are some excellent resources that can provide you with valuable information: