News & Analysis as of

Exploitation

FINRA Publishes FAQs on New Measures to Prevent the Financial Exploitation of Seniors

In January 2018, FINRA issued guidance on the provisions of Rule 2165 and the amendments to Rule 4512, which were approved in February 2017. The new requirements are aimed at preventing the financial exploitation of seniors,...more

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

by Bryan Cave on

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

New FINRA Rules Address Elderly Abuse

by Burr & Forman on

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

Legislative Update: New Vulnerable Persons and POA Statutes

by Winstead PC on

On October 26, 2017, David F. Johnson presented “Legislative Update Impacting Fiduciaries,” to the Texas Bankers Association’s Advanced Trust & Portfolio Management Forum in San Antonio, Texas. This presentation discussed new...more

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

by Carlton Fields on

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

Above-Guidelines Sentences for Prostitution Ring Upheld, Including Where Portions of Rule 11 Transcript Missing

In United States v. Jiamez-Dolores, et al., 14-1840(L) (August 3, 2016) (Hall, Lynch, Chin), the Court in a per curiam order affirmed above-guidelines sentences given to two defendants who each pleaded guilty to one count of...more

NASAA Survey Finds Seniors Are Most Vulnerable to Financial Fraud

On August 21, 2017, the North American Securities Administrators Association (“NASAA”) released a survey on senior citizens and financial exploitation. The survey of the state securities regulators highlighted, among other...more

New Texas Statutes That Impact Fiduciaries Become Effective Today (9/1/2017)

by Winstead PC on

The Texas Legislature passed, and the Governor has signed, a new act that creates new protections for vulnerable individuals. This impacts financial institutions, broker/dealers, and investment advisors. ...more

FINRA Moves to Protect Seniors and Other Vulnerable Persons

by Carlton Fields on

FINRA has taken another step to protect against what it calls "financial exploitation of vulnerable individuals or individuals with diminished capacity." These include seniors (at least age 65) and persons (at least age 18)...more

House Spending Bill for Homeland Security Heavy on Border Wall, Enforcement, and Deportation

On Tuesday, July 11, the House Appropriations Committee released a spending bill for the Department of Homeland Security (DHS). It features increases in spending to both the Customs and Border Patrol (CBP) and Immigration and...more

Court Remands Guidelines Sentence for Child Pornography Offenses Without Finding Procedural or Substantive Unreasonableness

In a summary order issued on July 11, 2017, United States v. Burghardt, No. 16-949(L) (Katzmann, Pooler, Lynch), the Second Circuit remanded a 322-month Guidelines sentence for distribution and receipt of child pornography...more

Elder Abuse: Who is doing it?

When the time comes that an aging family member needs full-time care, or more care than he or she is receiving, most eyes turn to a daughter or a son, or depending on the circumstances, a grandchild. Often, employment...more

Elder Abuse: Signs, Symptoms You Can Identify

The mistreatment of the aged is a societal ill that, sadly, is unlikely to be cured soon. The statistics tell the story. By 2025, the global population of seniors (defined as those age 60 and older) will reach 1.2 billion....more

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

Privacy Tip #89 - 10 Tips to Help Protect Your Senior Loved Ones’ Privacy

It is hard enough for middle agers like me to stay up on all the ways our personal information can be collected, accessed, used, disclosed, sold or stolen. It is even harder for our loved ones who are older, but not...more

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

Adding to Uncertainty for Scam Targets, the IRS Now Allows Private Debt Collectors to Dun Taxpayers

In a move that could be confusing to seniors who are vulnerable to scams, the IRS will begin using private debt collection agencies to collect past-due taxes. The new program will begin in April 2017....more

Fraud-Free Sunsets: How Financial Professionals Can Deter Financial Elder Abuse in Florida and Reduce Their Own Liability Exposure

by Carlton Fields on

Investment advisers, securities brokers, and other financial professionals who work directly with clients who are age 60 and older have two reasons to learn more about Florida’s financial elder abuse laws....more

FINRA's Newest One-Two Punch

by Reminger Co., LPA on

On February 3, 2017, the SEC approved: (1) new FINRA Rule 2165 (Financial Exploitation of Specified Adults[1]) permitting members to place temporary holds on certain customer accounts where there is a reasonable belief of...more

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

by Stinson Leonard Street 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

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

by Carlton Fields on

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

Securities Legislative Update – Elderly Investors 2017

The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more

Signs of an Active 2017 for Laws Protecting Vulnerable Adults from Financial Exploitation

by Carlton Fields on

The North American Securities Administrators Association (NASAA)’s Model Legislation or Regulation to Protect Vulnerable Adults from Financial Exploitation (Model Act) gained traction in 2016 and appears poised for even more...more

SEC Approves FINRA’s Rules to Protect Seniors from Financial Exploitation

On March 30, 2017, the SEC approved the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults). Among other things, Rule 2165 permits brokers to place holds on disbursements of funds or securities from...more

Financial Services Weekly News - April 2017

by Goodwin on

Editor's Note - A New Argument for Financial Regulatory Reform. Over the past several weeks, there has been a steady stream of pessimistic views on the prospects for meaningful financial regulatory reform. Senate Banking...more

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