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424-835-5733 | 310-525-3516
866-451-2517

You may have lost money in your investment portfolio,
due to mismanagement and not even know it.

Has your parent been the victim of financial fraud?

Growing up, we counted on our parents to take care of us and keep us safe. At some point, though, the tables turn. Many people become vulnerable as they grow older, and it is up to us to look out for them.

This is particularly true when it comes to financial exploitation. If you think your parent or another elderly loved one may be at risk, here's what you need to know.

Financial abuse is rarely reported

According to data from the National Adult Protective Services Association, 1 in 20 seniors report having been financially exploited in the recent past.

Unfortunately, this is only a tiny fraction of the real problem. NAPSA also reports that less than 3 percent of financial abuse cases are ever reported.

But why? Sometimes, it's because seniors are too ashamed or embarrassed to admit what has happened. In other cases, they don't recognize that they've been taken advantage of, and instead blame their losses on bad luck.

Dubious "professionals" may be to blame

When most people think of financial abuse, they picture the untrustworthy grandson or the nurse who steals checks. In reality, though, many seniors fall victim to predatory and fraudulent "financial professionals."

At first glance, these scammers appear legitimate. But instead of helping your loved one gain financial security, their goal is to deprive them of their hard-earned retirement savings. Some of the common "professional" financial scams affecting the elderly include:

  • Predatory or inappropriate reverse mortgages
  • Expensive annuities that do not mature until the person is too old to benefit
  • Investments that promise unrealistic returns
  • Pyramid and Ponzi schemes

You have the power to help

Watch for signs that your parent is struggling financially. Are they taking their medicine? Is their home going into disrepair? Do you see bills piling up? Do they seem stressed, angry or withdrawn?

If you suspect something may be wrong, speak up. Your parent might be too embarrassed or unaware to say anything, but you can help them take action. Encourage them to talk to a lawyer who can review what happened and, if fraud did occur, help them to get their money back.

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The Law Offices of Marc I. Zussman
10250 Constellation Blvd.
Suite 2300
Los Angeles, CA 90067
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Local: 310-525-3516
Toll Free: 866-451-2517
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