Many Missouri investment firms lack specific plans for dealing with the unique needs of seniors who entrust them with their life savings, Secretary of State Robin Carnahan said in a report released [12/26/10].
The report is the result of a six-month audit conducted by the secretary of state's Securities Division of the policies and procedures of 24 brokerage businesses and six investment adviser firms. Carnahan said she launched the review because of a growing number of complaints, an increase in reports of financial fraud involving seniors and the general aging of the state's population.
"Every year, hundreds of seniors call my office with questions and complaints about the investment advice they receive," Carnahan said in a written statement. "Missouri seniors should be able to invest their life savings confidently and without fear they will be taken advantage of by their adviser or broker."
Full Article and Source:
Carnahan: More Protections Needed for MO Seniors
See Also:
'Financial Abuse of the Elderly: A Detective's Case Files of Exploitation Crimes,' by Joe Roubicek
'Marked for Destruction,' by John Caravella
4 comments:
The additional information listed here by John Caravella is exceptional. I would recommend it to everyone even the young to ensure the protection of their own parents.
Our family was frauded and mother is currently being abused, neglected and exploited by an "officer" of Volusia County, Fl court. Read the books and inquire of these white collar crimes before it is to late!
YES, Mr. AG, we need more protections - protections from bad guardians to be specific.
How many calls do you gt about guardianship abuse, Mr. Carnahan, and how to you respond to them?
You're so right, Holly!
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