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Broker-Dealer Elder Abuse

Winstead PC

Undue Influence, Detecting Elder Abuse, and the Duty to Report Financial Exploitation

Winstead PC on

Author David F. Johnson recently presented his paper on “Undue Influence, Detecting Elder Abuse, and the Duty to Report Financial Exploitation” to the Austin Probate Bar Association in Austin, Texas, on May 20, 2022. This...more

Faegre Drinker Biddle & Reath LLP

Having a Senior Moment: Recent Legislation and Rules to Protect Seniors from Financial Exploitation

In recent years there has been a spate of legislation and rules passed to protect senior investors. Similarly, observers of FINRA’s and the SEC’s annual priorities will, of course, have noticed both bodies’ inclusion of elder...more

Allen Matkins

Nearly 700 Reports Financial Abuse of Elders/Dependent Adults Received By DFPI

Allen Matkins on

In 2019, I wrote about a then pending proposal, SB 496 (Moorlach), to add broker-dealers and investment advisers to the category of mandated reporters of known or suspected financial abuse of elders or dependent adults. ...more

Holland & Knight LLP

New California Legislation for Trust and Estate Attorneys to Watch in 2020

Holland & Knight LLP on

California Gov. Gavin Newsom recently signed into law a number of bills that will affect Trust and Estate attorneys, and which are effective as of Jan. 1, 2020. In addition, three new laws make changes to civil discovery...more

Faegre Drinker Biddle & Reath LLP

Further Protection for Good Samaritan Brokers: States and FINRA Continue the Push to Protect Senior Investors by Protecting...

Following the passage of last year’s federal Senior Safe Act, several states moved to beef up protections for senior investors by permitting brokers to act without liability. • Rhode Island’s Senior Savings Protection Act...more

Bass, Berry & Sims PLC

Privacy Perils: Elder Abuse Awareness Day

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With older adults increasingly targeted by financial scammers, Governor Bill Lee has proclaimed Saturday, June 15, 2019, as Elder Abuse Awareness Day in Tennessee to warn seniors and their families and help them avoid falling...more

Allen Matkins

California Ponders Mandating That Brokers And Investment Advisers Report Financial Elder Abuse

Allen Matkins on

The California Elder Abuse and Dependent Adult Civil Protection Act mandates reporting of suspected financial abuse of an elder or dependent adult. Cal. Welf. & Inst. Code § 15630.1. Under the act, a "mandated reporter of...more

UB Greensfelder LLP

The Securities Regulators All Have Senior-itis. Maybe For Good Reason.

UB Greensfelder LLP on

The securities industry’s concern over the aging of the U.S. population, specifically, aging investors, has, apparently, reached a fever pitch. On February 5th in New York, SIFMA hosted its “Senior Investor Protection...more

Eversheds Sutherland (US) LLP

Sleuthing Through State Elder Financial Exploitation Laws - A Morass for Broker-Dealers

This legal alert is the first in a series addressing the ever-changing regulatory landscape relating to senior investors, state law, and a broker-dealer’s legal obligation, if any, to protect its vulnerable customers. We...more

Stinson LLP

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable Clients from Exploitation

Stinson LLP on

Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more

Fox Rothschild LLP

Elder Abuse Takes Another Twist and Turn

Fox Rothschild LLP on

If you thought the SEC and FINRA were serious about elder issues, welcome to the Alabama, Indiana and Vermont. Each has focused on elder abuse issues. These states will have mandatory reporting to state officials in...more

Broker-Dealer Compliance + Regulation

FINRA to Propose Action on Exploitation of Elderly Investors

On September 17, 2015, FINRA announced that it would propose rules to help member firms protect seniors and other vulnerable adults from financial exploitation. The proposal would create a safe harbor enabling broker-dealer...more

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