Federal Litigation

Protecting Senior Investors – Report For Financial Service Firms Issued by the SEC, NASAA and FINRA

Published on: December 29, 2010 | By Russell L. Forkey, P.A.

This post contains a copy of a report issued by the staff of the SEC, NASAA and FINRA and does not reflect the view of, or include findings or conclusions of the Securities and Exchange Commission. The full release is contained on the attached pdf. document.

PROTECTING SENIOR INVESTORS:
COMPLIANCE, SUPERVISORY AND OTHER PRACTICES USED BY
FINANCIAL SERVICES FIRMS IN SERVING SENIOR INVESTORS
2010 Addendum
U.S. Securities and Exchange Commission’s
Office of Compliance Inspections and Examinations,
North American Securities Administrators Association, and
Financial Industry Regulatory Authority
August 13, 2010

Today in the United States, nearly 40 million people are age 65 and older. This number is expected to more than double to 89 million by 2050. In addition to these staggering numbers, many seniors find themselves with smaller nest eggs than they anticipated as a result of the economic downturn experienced over the past 18 months. Estimates show that total retirement assets decreased by $4.5 trillion, or 25%, from 2007 to the first quarter of 2009.

Elder and Senior Financial Abuse Attorney – Common Sense Tip for Seniors to Help Protect Your Nest egg

Published on: December 28, 2010 | By Russell L. Forkey, P.A.

South Florida Elder and Senior Financial Abuse and Breach of Fiduciary Duty Litigation FINRA Arbitration and Litigation Attorney:

The North American Securities Administrators Association, Inc. (NASAA) has issued a post that sets forth 10 general tips to help you protect your nest egg. I have modified this list somewhat based upon issues that I have help seniors deal with over the years.

First the bad news: As an older investor you are a top target for con artists. The files of state securities agencies are filled with tragic examples of senior investors who have been cheated out of savings, windfall insurance payments, and even the equity in their own homes. If the con artist is not associated with a major brokerage firm or other substantial company, it may be difficult to recover your losses. If you are a victim of a con artist, the faster you take action, the higher the probability that you will revocer some or all of your money.

Senior and Elder Abuse -Tackling Investment Swindles of Seniors as a Medical Problem – Florida Financial Elder Abuse Litigation and Arbitration Attorney

Published on: December 27, 2010 | By Russell L. Forkey, P.A.

South Florida Elder and Senior Financial Abuse Litigation and Arbitration Attorney:

TACKLING INVESTMENT SWINDLES OF SENIORS AS A MEDICAL PROBLEM: 24 SECURITIES REGULATORS ACROSS U.S. TO TRAIN DOCTORS TO SPOT & REPORT ELDERLY FINANCIAL VICTIMIZATION

With new medical research showing that more than a third of Americans over the age of 71 having mild cognitive impairment (MCI) or Alzheimer’s disease that make them particularly susceptible to investment swindles and other financial abuse, 24 securities regulators have joined in a major national “Elder Investment Fraud and Financial Exploitation Prevention Program”. The unprecedented effort will educate thousands of U.S. medical professionals about how to spot older Americans who may be particularly vulnerable to investment fraud abuse and then to refer these at-risk patients to state securities regulators and adult services professionals.

FAQ’s Relating to Life Settlements that Should be Considered by Not Only Seniors but All Investors

Published on: December 27, 2010 | By Russell L. Forkey, P.A.

South Florida Life Settlement Fraud, Misrepresentation, Breach of Contract and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney:

This post contains important information that should be considered and questions that should be asked by anyone contemplating entering into a life settlement transaction

What is a life settlement?

Peer-to-Peer Lending – Florida Breach of Fiduciary Duty and Negligent Supervision FINRA Arbitration and Litigation Attorney

Published on: December 21, 2010 | By Russell L. Forkey, P.A.

South Florida Peer-to-Peer Lending Litigation and Arbitration Attorney:

Peer-to-Peer lending has come under the scrutiny of state regulators as it gains in popularity. State securities regulators are warning investors to be careful of peer-to-peer lending over the Internet, a trend they say is on the rise as conventional loans have become scarcer and more costly.

As indicated in the first blog that was filed on this site, it is amazing what may constitute a security. Therefore, it is not surprise that the National American Securities Administrators Association Inc. has issued an alert advising investors about the risks of online loan “matchmaking,” also called social lending or P2P.

Elder and Senior Investor Alert: Free Meal Seminars – Broker/Dealer Fraud, Mismanagement and Negligent Supervision Florida FINRA Arbitration and Litigation Attorney

Published on: December 18, 2010 | By Russell L. Forkey, P.A.

Elder and Senior Investor Alert: Free Meal Seminars – Broker/Dealer Fraud, Mismanagement and Negligent Supervision Florida FINRA Arbitration and Litigation Attorney

Free Lunch Seminars, Misleading Professional “Senior Specialist” Designations and Abuse Sales Practices:

State securities regulators warn senior investors to be aware that a combination of “free lunch” seminars, misleading professional “senior specialist” designations, and abusive sales practices can create a perfect storm for investment fraud. Remember: there’s no such thing as a free lunch.

Preventing Scams on Seniors Act – South Florida Elder, Senior and Retirement Financial Abuse and Exploitation Attorney

Published on: December 12, 2010 | By Russell L. Forkey, P.A.

Preventing Scams on Seniors Act:

A recently introduced House bill would require certain financial institutions to help prevent fraud against senior citizens. Called the Preventing Affinity Scams on Seniors Act, HR 6305 targets so-called such schemes, in which a person trusted by an older American uses the relationship to defraud the individual. Under the bill, insured banks, thrifts and credit unions would be required to offer their senior citizen clients a service that would halt and investigate suspicious transactions and to report identified affinity scams to law enforcement.

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