Why The Elderly Are Typical Fraud Risks

The following represents some of the reasons* elderly investors are more at risk for becoming victims of fraud:
  • Following the legendary Willie Sutton principle, fraudsters tend to go "where the money is" - and that means targeting older Americans who are nearing or already in retirement.
  • Most older investors surveyed (65%) have not checked whether their investment professional is licensed and even more (78%) have not checked the background of a broker.
  • Almost 70% of older investors surveyed did not check to see if an investment was registered with the Securities and Exchange Commission (SEC) or another regulatory body.
  • In a recent study, known victims of investment fraud were three times more likely to attend a free lunch investment seminar than were respondents from the general population.
  • Of known victims who admit being defrauded, only 56% reported the investment fraud to anyone.
  • Only a little more than half of older investors surveyed thought it was at least "somewhat important" to become more knowledgeable about investing.
To learn more about financial exploitation of the elderly, review some of the common tactics used by scammers that could serve as warning signs of exploitation to you or your loved one. You can also contact attorney Andre Perron directly by calling 941-827-2228 to discuss your concerns with an experienced advocate protecting the rights of the elderly.

* Surveys conducted and information provided by saveandinvest.org