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424-835-5733 | 310-525-3516

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

Protecting your elderly loved one against financial abuse

It is heartbreaking to learn of the mistreatment and abuse of a loved one, especially when it came at the hands of a trusted friend or ally. Abuse comes in many forms, and while elderly individuals are susceptible to various types of mistreatment, financial abuse is one of the most common and most devastating. 

Elder financial abuse can include various things, but it always results in financial harm, for both the victim and his or her loved ones. Individuals who are older are more susceptible to complex financial scams and types of fraud. If you suspect that your loved one is a victim, you do not have to deal with it on your own. 

Type of financial and investment-related abuse

Elderly individuals who do not manage their own money or who are unfamiliar with their investments may be more prone to investment-related fraud. From mismanagement of assets and more, some of the most common ways that elderly individuals could become victims include:

  • Inappropriate investments
  • Unsuitable investment strategy
  • Breach of fiduciary duty
  • Failure to diversity investment portfolio
  • Inappropriate margin trading

Whether it is through intentional fraud and deceit or the lack of concern of an investment professional over his or her client's financial well-being, the consequences of this type of mistreatment can be emotionally and financially devastating.

In addition to investment-related financial abuse, elderly individuals are often targets for insurance sales representatives who want to oversell and overcharge these vulnerable clients. This is also unacceptable, and your loved one could be a victim of this if he or she recently purchased a large amount of insurance or made expensive changes to an existing policy.

The rights of financial abuse victims

Senior citizen victims of fraud or another type of financial abuse have rights. These individuals could have a rightful claim to compensatory damages of up to three times the amount of what was lost, as well as recovery of legal fees and more. California law does not look kindly on the financial abuse of elderly individuals, and you have the right to take action on behalf of your loved one.

Identifying and understanding this type of financial and elder abuse is complex. Experience matters when dealing with such complicated matters, and you would be wise to secure the help of an attorney who knows what you are up against and who will fight for the interests of your loved one. If you suspect that your elderly family member is a victim of senior financial abuse, you will benefit from reaching out for help as soon as possible.

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