Of all the demographics most victimized by financial abuse, the senior population seems to be the easiest of targets for scammers. These “predators” know their “prey” quite well, using that insight to effectively steal significant amounts of money.
In response to this continuing problem, the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) have launched the Senior Safe Act Training Program for securities firm mandate this training.
Comprehensive training to stop scammers
Improved and early detection of this type of financial exploitation is of paramount importance for those most vulnerable to scams. As a result, work on the comprehensive training program started in 2019. “Addressing and Reporting Financial Exploitation of Senior and Vulnerable Adult Investors” trains professionals who are on the front lines to identify, prevent, and ultimately, report these nefarious and destructive acts.
The law also protects those relaying information about shady financial dealings. This type of immunity is only offered for those who provide and receive training on identifying financial exploitation. It also shields both institutions and individuals from liability when reporting suspected financial abuse of an older adult. Immunity is provided to fully trained investment advisors, broker-dealers, transfer agents, along with employees and other individuals from civil liability and administrative proceedings.
Releasing the free program coincides with World Financial Awareness Abuse Day.
Awareness of senior financial exploitation is only the first step. Proactive and ongoing measures to uncover unethical financial professionals and protect those they prey upon can help potential victims live out their golden years in financial stability and enjoying the fruits of their labor.
If you believe that you or a loved one have been the victim of financial exploitation, our attorneys may be able to help. Contact Zinober, Diana, and Monteverde at [email protected] for information regarding your legal options.