Litigating Elder Financial Exploitation Cases: Defending Banks in a Tough Spot — The Consumer Finance Podcast
Legally Qualified: Protecting Against Elder Investment Fraud and Exploitation
People preying on the elderly to get at their life savings, unfortunately, has become a common occurrence in today’s society. We have all heard stories about an elderly person being targeted and falling victim to an...more
According to the California Department of Aging, more than 200,000 older and dependent adult abuse cases are reported each year. Many more cases certainly go unreported....more
As our loved ones age, it becomes increasingly important to remain close and vigilant. While family members often serve as primary caregivers, it's crucial to recognize that not all instances of elder exploitation stem from...more
On December 13, 2023 Michigan became the latest state to enact legislation to protect elder and vulnerable adults from financial exploitation. Effective March 13, 2024, the new law requires broker-dealers and...more
Aging loved ones, particularly who are struggling, can quickly find themselves in unique and challenging situations. Today’s world poses a host of challenges for those with diminished capacity. Learn what options might be...more
Join Troutman Pepper Partners Chris Willis, Mary Zinsner, and Dave Gettings for an in-depth discussion about litigating elder financial exploitation cases. Elder abuse and financial exploitation of the elderly are increasing...more
Massachusetts Attorney General (AG) Andrea Joy Campbell announced the creation of a new Elder Justice Unit, which will use existing resources to protect and promote the safety and well-being of elders through enforcement...more
Mindful of the impending retirement of many millions of investors in the “baby boomer” generation, which hold a substantial amount of the world’s wealth, the Financial Industry Regulatory Authority (FINRA) continues to...more
On May 3, 2023, Georgia became the latest state to enact legislation to protect elder and vulnerable adults from financial exploitation. The new law which goes into effect on July 1, 2023, requires broker-dealers and...more
If you haven’t seen the Netflix film “I Care a Lot,” SPOILER ALERT!!!! – Rosamund Pike portrays a professional guardian who, with the help of a crooked doctor and oblivious judge, has elderly persons declared incapacitated,...more
It’s sometimes said that growing older is a privilege. Even so, aging can cause concerns about health issues, financial security, and family relationships. Every year it is reported that family members or “friends” with...more
FINRA remains very focused on preventing financial exploitation of seniors and other investors. Firms can expect to see senior investor protection as a key area of focus in the forthcoming 2023 Report on FINRA’s Examination...more
Financial exploitation affects at least 10% of the elderly population in the U.S. and is a growing problem according to the U.S. Treasury’s Financial Crimes Enforcement Network. The 2022 Virginia General Assembly enacted...more
On July 1, 2022, Iowa’s first broad elder abuse criminal law went into effect after being passed by the Iowa House and Senate unanimously. The Act is entitled “Resident, Dependent Adult, and Older Individual Protection Act.”...more
Headlines - ..FDIC Proposes Substantial Increase in Deposit Insurance Assessment Rates ..Federal Reserve Releases New CECL Implementation Tool: Expected Losses ..Estimator OCC Report Highlights Risks Facing the Federal...more
On June 15, FinCEN issued an Advisory on Elder Financial Exploitation (“Advisory”) to warn financial institutions about the rising trend of elder financial exploitation (“EFE”), which FinCEN defines as “the illegal or...more
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
As the elderly population increases, it is becoming more common for adult children to step in to help with financial decisions. The children may find themselves being in charge of a parent’s finances if they have a cognitive...more
On February 15, 2022, FINRA announced the adoption of certain amendments to FINRA Rule 2165, a rule aimed at preventing financial exploitation of seniors and specified adults. The amendments now allow member firms to place a...more
FINRA Rules 2165 (Financial Exploitation of Specified Adults) and parts of 4512 (Customer Account Information) became effective on February 5, 2018 and implemented a framework to permit broker-dealers to place a temporary...more
Join Ulmer partners Michael N. Ungar and Daniela Paez as they discuss the current regulatory landscape as well as the litigation trends and risks surrounding elder financial abuse and exploitation. They will also share an...more
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
In 2021, Michigan passed the Financial Exploitation Prevention Act (FEPA or Act) which took effect last September. FEPA sets forth new requirements on financial institutions to report financial exploitation of vulnerable...more
This article was originally published in September 2019 and has since been updated with more current information. To say that last year’s 2020 holiday season was strange and exhausting would be a massive understatement. With...more