Investment fraud against the elderly can take many different forms, including unsuitable investments, fraudulent offerings, unregistered products, unlicensed financial advisors or brokers, and the theft or misappropriation of funds. Unfortunately, certain characteristics of the elderly make them particularly vulnerable to investment fraud. Age, lack of knowledge about technology, and medical conditions can all help contribute to victimization of senior citizens in terms of investment fraud. Older Americans simply may not have the decision-making capacity that they had in the past.
Investment fraud can have a significant effect on senior citizens. Financial losses and insecurities can lead to a lack of proper nutrition, hygiene, and healthcare for seniors. Significant financial losses can completely change the ability of a senior citizen, who is often on a fixed income, to support himself or herself. A lack of funds even can result in the loss of one’s home and basic needs.
Some older Americans are even more vulnerable to investment fraud than others. What follows are some characteristics that could indicate a vulnerability to financial or investment fraud:
- Social isolation or depression
- Recent loss of a spouse
- Totally reliant on others for care
- Uncomfortable with current care providers
- Recent changes in ability to care for one’s self
- Financially responsible for an adult child or spouse
- Gives power of attorney to another to make financial decisions
At Boller & Vaughan, our financial abuse lawyers want to help protect those who can protect themselves the least. This is why we focus our efforts on protecting those who have fallen victim to financial abuse, whether they are in long-term care facilities such as nursing homes and assisted living facilities, or have fallen prey to home healthcare workers or private caretakers. We are skilled at investigating your case and assessing your situation in order to decide whether you have any potential legal claims against the facility, company, or caretaker that took the fraudulent actions against your loved one. Don’t hesitate to contact Boller & Vaughan right away and find out how our legal skills can help your family through this difficult situation.