Five Reasons Why Elderly Americans are Targets of Financial Fraud

A secure retirement is what your parents have spent their lives working for, and they had plans to enjoy it. However, a lifetime of planning can suddenly be changed if your parents become the victims of a securities scam, investment fraud, or Ponzi scheme.

Why it Could Happen to Your Parents

Unfortunately, older Americans are commonly the victims of financial fraud because:

• They have money. After spending decades in the work force, many older Americans have a "nest egg" built up. This money is attractive to fraudsters who try to lure older Americans in with "promises" of great returns.
• They are vulnerable. Older Americans may have cognitive impairments or other conditions that make them vulnerable to financial fraud.
• They may be polite and trusting. Some senior citizens have lived their lives being able to trust anyone who is well dressed and well spoken. They are polite and worry about offending others. This works to the advantage of those who would take advantage of them.
• They have time to listen to sales pitches. Without full-time jobs or children to raise, many retirees have the time to listen to the sales pitches or cold calls of people who promise, potentially untruthfully, to help them earn a good return on their money.
• They are lonely. Some older Americans are lonely and welcome the friendly conversation provided by those who approach them about financial investments.

When to Contact an Ohio Investment Fraud Lawyer

If your parent has been the victim of a securities scam, financial fraud, or Ponzi scheme, then it is important to contact a Columbus stockbroker fraud lawyer to discuss your rights and potential recovery.

The experienced Ohio investment fraud attorneys of the law firm of Meyer Wilson are committed to protecting senior citizens from the devastating effects of financial fraud. We regularly represent senior investors in stockbroker mediation, arbitration, and litigation claims.

To find out more about investment misconduct, please read our free report, Five Signs of Investment Fraud... And What to Do if it's Happened to You, and please contact us at 614-224-6000 for a free consultation.