elder fraud

The Securities Fraud attorneys at Malecki Law today visited the Hudson Guild Senior Center to educate members of their Naturally Occuring Retirement Community (NORC) about Elder Financial Exploitation. Adam Nicolazzo and Robert Van de Veire addressed a group of 15-20 senior members of that community about investment fraud, common red flag signs of fraud, and how to protect their retirement income and nest eggs.

According to FINRA, the elderly lose approximately $ 2.9 billion every year due to fraud. The Malecki Law attorneys try to create awareness within communities of elders about dangers of elder financial exploitation and empower them to take legal recourse if they are victimized. The seniors get educated about regulatory authorities like FINRA and SEC, and tools like BrokerCheck available to them. The Malecki Law team used real life examples of Ponzi and affinity schemers, who are known to have preyed on the elderly, to help senior members understand the realities of financial fraud and that it comes in many forms. They also offer free consultation and case evaluation in these sessions.

Malecki Law continues to work towards positive changes in elder law within the securities industry and Jenice Malecki recently participated in a panel on Dangers of Diminished Capacity at the Public Investors Arbitration Bar Association’s (PIABA) annual conference.

As the U.S. baby boomers look toward retirement, a larger percentage of the population will become senior-aged individuals who will have a substantial amount of savings that may be used to fund investments. It is more important than ever to keep in mind that everyone needs to take as much care over their retirement nest egg now as they did when they were diligently saving. The New Jersey Bureau of Securities has issued a new release to commemorate World Elder Abuse Awareness Day and remind senior-aged investors to be wary of financial fraud.

In the news release, the NJ Bureau noted that one in five Americans over the age of 65 are victims of financial fraud, making it one of the fastest growing forms of elder abuse. However, the news release noted that anyone over than 55, whether working or retired, may be viewed as a potential target for financial fraud.

The NJ Bureau of Securities listed several types of financial fraud to be careful of, including:

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