Fed up with purported financial advisers preying on unwitting older people, investigators from the Arkansas Securities Department last year staged an undercover sweep of one of the hucksters' favorite showcases -- free lunch seminars.
The Arkansas sweep triggered several investigations of financial firms that are still under way. It also uncovered enough in the way of shady practices -- misleading claims, underplayed risk -- to prompt legislative action. This spring, Arkansas legislators passed a law, effective July 1, that doubles the civil penalties for financial securities violations when the victim is 65 or older. Though the state securities department can't bring criminal complaints, it can refer such cases to the attorney general's office.
Arkansas is one of a number of states that are passing or amending securities and criminal laws to impose "enhanced penalties" on people who commit financial crimes against seniors. Similar legislation is expected to be proposed in Congress next month by Sens. Bob Casey of Pennsylvania and Herb Kohl of Wisconsin, chairman of the Senate Special Committee on Aging.
Full Article and Source:
Laws Take On Financial Scams Against Seniors
The Arkansas sweep triggered several investigations of financial firms that are still under way. It also uncovered enough in the way of shady practices -- misleading claims, underplayed risk -- to prompt legislative action. This spring, Arkansas legislators passed a law, effective July 1, that doubles the civil penalties for financial securities violations when the victim is 65 or older. Though the state securities department can't bring criminal complaints, it can refer such cases to the attorney general's office.
Arkansas is one of a number of states that are passing or amending securities and criminal laws to impose "enhanced penalties" on people who commit financial crimes against seniors. Similar legislation is expected to be proposed in Congress next month by Sens. Bob Casey of Pennsylvania and Herb Kohl of Wisconsin, chairman of the Senate Special Committee on Aging.
Full Article and Source:
Laws Take On Financial Scams Against Seniors
4 comments:
It's about time the government started protecting the people - from scammers, and from guardians, too!
CONGRATULATIONS!
BRAVO!
STANDING OVATION!
And Thank you! Arkansas legislators and the Securities Department for listening to the complainants and more importantly doing something about it to stop this brazen scheme with an undercover investigation.
We will be watching for the legislation, the efforts and results of Sens. Bob Casey of Pennsylvania and Herb Kohl of Wisconsin, chairman of the Senate Special Committee on Aging.
Thank You! NASGA for the good news.
I hope abusive guardianships are included in their thinking.
Increasing penalties when victims are elderly, as reported by the WSJ article in its article "Laws Take On Financial Scams Against Seniors" is a flawed approach.
It is especially flawed in instances where the evidence that is needed for a conviction is not collected in a timely manner.
Understanding this flaw underlies the proposal which I communicated in April to AoA Secretary Walker.
This flaw has been ignored for nearly twenty years, ever since the AMA identified the need for protocols, even checklists, in clinical settings to ensure the timely response to elder abuse.
The AMA's recommendation is presented on pages 5 and 6 of the Ohio Physician's Elder Abuse Prevention Project Report, which is reproduced online beginning at http://home.roadrunner.com/~tvfields/OSMAReport/FramesetCoverA.htm
Like so much else, the AMA's recommendation has been ignored.
For more information about what has been recommended and ignored, please write tvfields@oh.rr.com
Meanwhile, don't be misled by lawmakers who push tougher penalties while ignoring practical proposals for preventing lawyers and other opportunists from taking advantage of us to sign legal/financial documents when we are least able to protect ourselves and out loved ones. Learn from Joe Roubicek's description of his experience with the Florida legislature in Chapter 6 of his book Financial Abuse of the Elderly; A Detective's Case Files of Exploitation Crimes.
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