Seniors account for 13 percent of the U.S. population, and according to the Virginia TRIAD, a cooperative effort of law enforcement agencies and senior citizen organizations, seniors make up 30 percent of consumer fraud victims.
Additionally, data from the National Adult Protective Services Association show that 1 in 20 elder adults experienced financial mistreatment occurring in the recent past.
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A fraudulent annuity scam involves misleading investment practices aimed at seniors. An annuity is a series of income payments made at regular intervals by an insurance company in return for a premium or premiums you have paid. Elder adults may be manipulated into purchasing an unsuitable annuity or replacing existing annuities with a new one simply for the scammer's financial gain.
Full Article and Source:
Investment Fraud Against Seniors Remains a Constant Threat
3 comments:
The associations to which these scammers belong should be doing something to stop this practice.
Thank you for this article. People need to know financial advisors are amongst the abusers and be careful.
This is a huge problem. Ironic that Virginia TRIAD was mentioned, as our former head of Adult Protective Services, Gail Nardi, cheerily assured the Virginia Public Guardian and Conservator Advisory Board that "only 20%" of abuse and neglect occurs in facilities. Only 20%!
Left unexplored: petitioning attorneys and hand-picked guardians ad litem in public guardianship cases, who drain the victim's estate at will with little to no court oversight and ignore the fact that these victims have been dumped in dangerous, filthy facilities.
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