According to an investigation conducted by NBC10 Philadelphia into local nursing homes, eight out of ten elder care facilities in Philadelphia were non-compliant with infection control standards prior to the COVID-19 pandemic.
Can Investors Sue Brokers over Coronavirus Losses?
The pandemic rocked markets like they have not been rocked since the global financial crisis of 2008-9. In many ways, the last few months have done more damage to the financial markets than even that historical moment in time. In fact, volatility was worse due to coronavirus, and many investors lost a very large portion of their investment accounts.
The question is — why? And the next question is — should your financial advisor have better protected you?
Tips for Investors in Turbulent Times
Baby Boomers Consistently Neglect Financial Planning
As Boomers Age, Elder Law Expands
Scammers Use Financial Industry Credentials to Deceive Public
Elder Abuse Rises as US Population Ages
As a vast sector of the US population reaches old age and the systems in place to supervise its care remain inadequate, instances of elder abuse will continue to rise. This includes not only the physical and emotional abuse of the elderly in nursing homes and care facility, but also financial exploitation and abuse at the hands of family, friends, caregivers, and financial advisors.
Elder Abuse Awareness Day
Elder abuse is everywhere, though; not just on the news. One of the reasons for the growing problem is that the largest and wealthiest generation in American history — the Baby Boomers — have retired and are aging. Meanwhile, their children and grandchildren may be struggling. This is a recipe for disaster and exploitation that regulators and legislators have been working diligently to solve before it gets any worse.
Older Americans Face Rise in Deadly Falls
SEC Philadelphia Office Opens Program to Help Senior Investors Avoid Scams
In an upcoming program directed at the general public, the SEC Philly office, in conjunction with the Financial Industry Regulatory Authority (FINRA), the Pennsylvania Department of Banking and Securities, and Temple University’s Institute on Protective Services, will share the latest on the products, strategies, and scams that most affect elderly investors.
Legislators Seek to Bar Brokers from Client Wills
Four United States Senators have sent a letter to the CEO of securities industry regulator FINRA asking the agency to bar stock brokers from client wills. Lead by Democratic Senator Catherine Cortez Masto, the Senators have sought to curb elder financial abuse by financial advisors who illegitimately appear in client wills. The move by the legislators came as a result of a Maryland broker receiving $500,000 from a client who was suffering from dementia and had been living in a nursing home.
Major Regulators Issue Senior Safe Fact Sheet
Signed into law a year ago, the Senior Safe Act specifically addresses how financial professionals can do a better job in reporting suspected senior financial abuse and exploitation to the authorities. The fact sheet was circulated on the first anniversary of the passage of the Senior Safe Act in order to further promote awareness or resources and training among financial professionals, institutions, senior investors, and their families.
Senior Abuse Often Hits Uncomfortably Close to Home
Report Indicates PA Must Do More to Fight Elder Abuse
A recent report by the Pennsylvania Office of the State Inspector General has delivered sharp criticism of how agencies at the county level handle thousands of complaints about elder abuse and how the state supervises investigations into these complaints. It is the state’s duty to ensure that such investigations are reasonable and thorough.
Financial Scams Targeting the Elderly: A Growing Problem
As baby boomers hit retirements, bringing with them the largest amount of wealth a single generation has ever possessed, regulators at the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) foresee an ever growing number of financial scams designed to separate boomers from their hard-earned savings.
Aging Parents & Unscrupulous Brokers
Marvel Comics Creator Needs Superhero to Combat Elder Abuse
Philly District Attorney Launches Unit to Go After Elder Financial Abusers
Philadelphia is getting serious about its elder financial abuse problem. As we noted in a recent blog post, the Philadelphia Office of the Securities and Exchange Commission announced that it would be hosting public awareness talks and meetings to combat the growing problem of elder financial abuse. That announcement was followed by the District Attorney for Philadelphia Larry Krasner's statement that he would be creating a special task unit targeting perpetrators of financial fraud against senior citizens.
