Elder Financial Abuse Lawyer
Hire a reputable and trusted investment fraud lawyer at Patil Law after you or your loved one has suffered from elder financial abuse and other fraudulent investment practices.
The U.S. Securities and Exchange Commission (SEC) said that older investors have increasingly been victimized by securities fraud, most likely due to the fortunes that they’ve amassed over the course of decades.
Since they are generally beyond their earning years and have little or no ability to rebuild their retirement funds, the SEC highlighted the urgency to address this critical matter. Patil Law is here to help you through the devastating consequences of this financial crime.
The law firm’s founder, Chetan Patil, has over 15 years of extensive experience in diverse, complex disputes and transactions across the country. To date, Patil Law has recovered over $25 million on behalf of its clients.
One of the most notable lawsuits involved a $5 million settlement for clients who were improperly sold multiple illiquid Real Estate Investment Trusts (REITs) and who were victims of forgery. Feel free to browse through the firm’s impeccable track record.
Chetan specializes in litigations, trials, arbitrations, and appeals of complex securities, Financial Industry Regulatory Authority (FINRA) cases, and financial and business disputes, with an emphasis on securities, financial services, and financial regulatory law.
Why Choose Patil Law?
Patil Law’s clients will benefit from the depth and breadth of Chetan’s legal experience and judgment. He has handled and overseen over a thousand litigation and arbitration cases nationwide in federal and state courts and arbitration forums.
As a testament to their deep care and commitment, Chetan and his team of legal experts travel extensively for their clients all around the country.
They have represented defrauded investors, family trusts, family offices, public and private companies of all kinds, including banks and other financial institutions, broker-dealers, registered investment advisors, advisory firms, and securities brokers.
How Much Do We Charge: We believe in accessible justice. Thus, we operate on a contingency fee arrangement. You do not pay any legal fees upfront. We only get paid if we secure a favorable settlement or verdict for our clients.
Contact Us Now: If you or a loved one has been a victim of elder financial abuse or other types of investment fraud, you don’t have to stay silent anymore. Patil Law is here to help you fearlessly pursue justice and compensation against those who have wronged and scammed you for your hard-earned money.
Call us now at (800) 950-6553 or send us a message through our secure and confidential online form. Our team of compassionate professionals is always on standby to provide immediate assistance.
What is Elder Financial Abuse?
The National Council on Aging reported that up to 5 million older Americans are abused every year, and the annual loss by victims of financial abuse is estimated to be at least $36.5 billion.
The American Bankers Association defined “elder financial abuse” as a crime that deprives older adults of their resources and, ultimately, their independence. This can include theft, fraud, misuse of a person’s assets or credit, or use of undue influence to gain control of an older person’s money or property.
Scammers and fraudsters are more likely to get away with it in situations where older Americans have disabilities or rely on others for help. Advances in technology can also be a factor since it makes it difficult for seniors to know who to trust and to understand what’s safe.
Signs of Elder Financial Abuse
Elder financial abuse can be difficult for a victim to identify or openly seek help for. But there are certain red flags that any diligent person should be able to determine, according to Forbes:
- Sudden changes in their bank accounts, such as adding new names onto accounts and cards;
- Finding unpaid bills, letters from collection agencies or past due notices from creditors, even if the person has adequate financial resources;
- Previously uninvolved relatives showing up and claiming their rights to an elder’s property or possessions;
- The sudden transfer of assets to someone outside the family;
- A change in spending habits, such as no longer wanting to go shopping or out to eat;
- They’re acting worried or stressed out about money.
Scammers also often call or email older Americans with a convincing story or prey on cognitive impairment, such as memory loss, to convince them that they’ve forgotten to pay a bill and then demand money.
Most Common Scams for Older Investors
The SEC listed the most common investment products that increasingly have been used in illegitimate schemes to defraud older investors:
Charitable Gift Annuities
In this type of scheme, a fraudster will pose as a charitable organization offering monthly annuity payments in exchange for payments that purportedly will be invested to both pay an annuity to the investor and to benefit charitable organizations.
Without the investor’s knowledge, the charitable organization is merely a front and a significant portion of the funds go directly to the fraudsters’ personal accounts.
“High Return” or “Risk-Free” Investments
Here, a fraudster often will tout unrealistic returns that can be realized from “low-risk investment opportunities,” but no investment is risk-free. Sometimes, the investment products touted do not even exist – they’re merely scams.
Investment Advisor Services
An investment advisor is a person or company responsible for making investments on behalf of or providing advice to investors. An investment advisor has a duty to serve the best interests of their investing client.
At times, however, an investment advisor will take advantage of their position of trust to use unauthorized and deceptive methods to essentially steal money directly from their clients.
Certificates of Deposit or Bonds
Investors searching for relatively low-risk investments that can easily be converted into cash often turn to certificates of deposit (CDs). It’s a special type of deposit account with a bank or thrift institution that typically offers a higher rate of interest than a regular savings account. A fraudster will promise above-market returns that are illegitimate but claim to be validly issued by a bank or thrift institution.
Promissory Notes
A promissory note is a form of debt that a company may issue to raise money. Typically, an investor agrees to loan money to the company for a set period of time. In exchange, the company promises to pay the investor a fixed return on his or her investment, typically principal plus annual interest.
While promissory notes can be legitimate investments, those that are marketed broadly to individual investors often turn out to be scams.
Sale and Leaseback Contracts
In an attempt to avoid the investor protection of the securities law, some investments are structured to resemble the sale of a piece of equipment such as a payphone, ATM machine or Internet booth located at a remote venue where the investor cannot service and maintain the equipment and must enter into a servicing agreement.
In order to make the deal more attractive, investors are told that after a given period, the equipment can be sold back to the seller at the investor’s original purchase price. The investor is also promised a specific rate of return.
In a variant of this scheme, a real estate interest, such as a long-term lease in a resort community, is sold instead of physical equipment. Frequently, the equipment or property does not exist, and the seller lacks the financial capacity to keep the promise of repurchase.
High Risk Investments
Some unscrupulous investment advisors make unsuitable recommendations to purchase investment products that don’t meet the investing objectives and means of an investor. Unsuitable recommendations might occur when a broker sells speculative investments such as options, futures, and penny stocks.
Legal Remedies of Elder Financial Abuse
If you or a loved one has suffered elder financial abuse, there are several legal options that are available to pursue.
- Certain states have laws to help survivors of financial abuse file cases in civil court to recover their money.
- Some states also have a way to temporarily freeze bank accounts or put a hold on property transfers to stop the financial abuse.
- There are jurisdictions that allow banks, credit unions, and other financial institutions to put a transaction temporarily on hold when they suspect elder financial abuse.
- You may also be able to file a case in civil court to request a “restraining order” or “order of protection.” A judge can issue one of these orders, which says the perpetrator can no longer contact you or your loved one to prevent further harm.
The Consumer Financial Protection Bureau (CFPB) said that it’s best to consult with a seasoned investment fraud lawyer to explore the different avenues of mediation, arbitration, or civil lawsuits.
Contact An Experienced Elder Financial Abuse Lawyer Now
Consult with a reputable investment fraud lawyer at Patil Law to fight for senior rights. Elder financial abuse is a serious offense with harsh consequences that can impact an investor’s life.
Older Americans have delicate circumstances and unique needs, making them prime targets for exploitation. At Patil Law, we aim to protect their best interests and empower them with proven legal solutions.
We have vast resources, and a formidable network of legal and financial experts who can investigate and pursue elder financial abuse claims on behalf of our clients. You can trust that we’ll stop at nothing to recover your losses and damages.
All hope is not lost. Call us now at (800) 950-6553 for a free consultation, or send us a message through our secure and confidential online form.