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Elder Abuse Financial Services Industry

GeoDataVision

Elder Abuse-Financial Exploitation and Fraud

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Len and Dean discuss the alarming issue of elder abuse in their 78th and 79th podcasts. Dean expresses concern, especially since he has elderly parents, and highlights recent statistics from FinCEN and the FBI on elder...more

Ballard Spahr LLP

FinCEN Issues Reminder to Financial Institutions to Identify and Report Elder Financial Exploitation

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On June 14, 2024, President Biden declared June 15th World Elder Abuse Awareness Day.  In honor of the day, the Financial Crimes Enforcement Network (FinCEN) reminded financial institutions (FIs) to remain vigilant in...more

Ballard Spahr LLP

FinCEN Issues Analysis of Increasing Elder Financial Exploitation

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The Financial Crimes Enforcement Network (“FinCEN”) recently issued a Financial Trend Analysis (“Analysis”) focusing on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation...more

Troutman Pepper

Litigating Elder Financial Exploitation Cases: Defending Banks in a Tough Spot — The Consumer Finance Podcast

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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

Miles Mediation & Arbitration

Preying on Seniors: Preventing Elder Financial Abuse

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

Law Matters

Preventing Financial Exploitation of Seniors and Vulnerable Adults — Q&A with Josh Jones

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In a JD Supra exclusive, Jones shared his passion for preventing the financial exploitation of seniors and vulnerable adults and what investors and their financial advisors can do to prevent it. ...more

UB Greensfelder LLP

[Webinar] Elder Abuse: Risks, Pitfalls and How to Try a Complex Elder Financial Abuse Case - March 23rd, 2:00 pm - 3:00 pm EDT

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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

Allen Matkins

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

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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

Foster Swift Collins & Smith

How FEPA Protects Michigan’s Elderly Against Financial Exploitation

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

Ballard Spahr LLP

CFPB issues update to 2016 advisory on elder financial abuse

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The CFPB has issued an update to its 2016 advisory that contained recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans....more

Allen Matkins

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

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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

Ballard Spahr LLP

CFPB Publishes Report on Elder Abuse Based on Newly Available SARs Data

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The CFPB’s Office of Financial Protection for Older Americans has issued a new report on combating elder abuse. ...more

UB Greensfelder LLP

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

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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

Ballard Spahr LLP

CFPB to hold Oct. 18 town hall on preventing elder financial exploitation

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On October 18, 2018, the CFPB will hold a town hall in Baton Rouge, Louisiana on preventing elder financial exploitation. ...more

Carlton Fields

Protecting At-Risk Seniors from Financial Exploitation

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The Senior Safe Act (12 U.S.C. § 3423) took effect May 24. The Act “extends immunity from liability to certain individuals employed at financial institutions who, in good faith and with reasonable care, disclose the suspected...more

Ballard Spahr LLP

DOJ Announces New Task Force on Market Integrity and Consumer Fraud

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The U.S. Department of Justice (DOJ) earlier this week announced that it was disbanding the Financial Fraud Enforcement Task Force, established under the Obama Administration. ...more

Saul Ewing LLP

Financial Exploitation of Elders is a National Crisis

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Many publications report on the prevalence of elder financial abuse in our society. It can arise from misuse of powers of attorney, guardianships, and estate and trust administrations, as well as out and out scams. Many...more

Tonkon Torp LLP

Elder Abuse Prevention And Prosecution Act

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We previously talked about recent changes to Oregon law and FINRA rules relating to elder abuse prevention and the prosecution of financial services companies for noncompliance . This article focuses on The Elder Abuse...more

Tonkon Torp LLP

Vulnerable Person Abuse Protections Coming To FINRA In 2018

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Similar to the Oregon legislature's recent changes to ORS Chapter 59, intended to protect "vulnerable persons" against financial exploitation, FINRA has implemented changes to its rules effective February 5, 2018, intended to...more

Burr & Forman

FINRA Senior Protection Rules Effective Feb. 5

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A pair of FINRA Rule revisions designed to protect seniors from financial exploitation become effective February 5. The Rules require member firms to obtain “Trusted Contact Person” information and impose short...more

BCLP

New Rule Regarding Financial Exploitation of Seniors To Become Effective February 5, 2018

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New FINRA Rule 2165 (Financial Exploitation of Specified Adults) and related amendments to existing Rule 4512 (Customer Account Information) become effective February 5, 2018. In connection with the approaching effective...more

Burr & Forman

New FINRA Rules Address Elderly Abuse

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On February 5, 2018, FINRA will enact two rules to assist brokers with addressing financial exploitation of the elderly. Statistically, the elderly have a 1 in 20 chance of being a victim of financial exploitation. ...more

Carlton Fields

Plaintiffs Survive Standing-Based Challenge to California Senior Notice and Financial Elder Abuse Claims

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In California, actions predicated on alleged senior notice requirement violations and financial elder abuse continue to challenge life insurers. For example, in June, a California federal district court denied the insurer’s...more

Winstead PC

Texas Adopts New Legislation Protecting Vulnerable Persons From Financial Exploitation And Places New Burdens On Financial...

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The Texas Legislature passed, and the Governor has signed, a new act that creates new protections for vulnerable individuals. HB 3921 creates a new chapter 280 of the Texas Finance Code and a new Article 581, Section 45, of...more

Chambliss, Bahner & Stophel, P.C.

Tennessee Is Protecting Grandma with New Legislation

Tennessee is protecting Grandma! Two pieces of legislation were approved this year: the Elder and Vulnerable Adult Protection Act, which is on its way to Gov. Haslam to be signed into law, and the Elderly and Vulnerable Adult...more

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