According to the U.S. Census Bureau, by 2030 one in five U.S. adults will be 65 years old or older, resulting in a large demographic of targets for elder financial abuse. Financial abuse in this age group is widespread, and, according to recent reports, it affects as many as 5 million per year, with more than 95 percent of cases unreported.
What is Elder Financial Abuse?
There are many different types of abuse. One of the most common forms seen in the age group 65 and older is elder financial abuse. This type of elder abuse harms elderly investors through misappropriation of financial resources, abusive use of financial control, or misleading unsuspecting and trusting elderly investors. This type of abuse typically happens when there is a relationship or expectation of trust between a financial advisor or stockbroker in charge of an elderly client’s finances, resulting in harm or the loss of an investment for the older person.
The States with the Best and Worst Protections for Elderly Investors
According to a recent report by WalletHub, older Americans are the easiest targets for financial abuse. While some states have strong elder abuse statutes that provide a measure of protection for the elderly, many states have very weak protections on this type of misconduct. Based on data collected by the WalletHub report, the following states have the best and worst protections against elder financial abuse.
The 10 States with the Least Protections for Elderly Investors
- South Carolina
- New Jersey
- South Dakota
- New Mexico
The 10 States with the Best Protections for Elderly Investors
- North Carolina
- West Virginia
Though some states recognize that this segment of the population needs to be protected, it is difficult to enforce with a growing population. The U.S. Census Bureau estimates that by 2050, the population aged 65 and older will nearly double from 43.1 million (in 2012) to 83.7 million.
Have You or Someone You know Lost Money as a result of Elder Financial Abuse?
If you or someone you know lost your investment dollars as a result of elder financial abuse, contact an experienced investment fraud attorney at Dimond Kaplan & Rothstein, P.A. today. Dimond Kaplan & Rothstein, P.A. has helped many elderly investors recover money who have been victims of elder abuse.
Speak with an Investment Fraud Attorney Today
Our AV-rated* lawyers have extensive experience litigating a broad range of investment disputes, including those involving elder fraud. We will aggressively pursue claims against culpable brokerage firm or stockbroker to recover your investment losses.
If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of investment fraud or stockbroker misconduct. We’ve recovered more than $100 million in assets lost to investment fraud and stockbroker misconduct.