|Elder financial abuse is unfortunately a very common phenomenon. While professional financial advisors and stock brokers are trained to protect the investment goals of elderly and retired investors, unfortunate results do occur.
Elder financial fraud investment losses are often recoverable, depending on the circumstances, who made the recommendation, and who was in control of the account. Financial advisors and brokers licensed through the Financial Industry Regulatory Authority (FINRA) always have a broker-dealer investment firm behind them, and insurance which generally covers investment losses caused by broker error, including elder financial abuse and investment fraud.
Often times, a well-intended broker is negligent, or his or her firm was negligence in doing background research on an investment – giving rise to investment recovery for failure to do due diligence. A broker cannot just take the word of those who sponsor or create an investment, but is required to verify all facts and claims and make their own determinations. Every investment sold by a broker or financial advisor must be approved by an investment firm who has the responsibility of due diligence to thoroughly research every investment product they recommend and allow their financial advisors to sell.
Investment firms must also approve each investment transaction. While some investment recommendations may be appropriate for younger or more financially secure investors, the same recommendation may be unsuitable for retirees, elderly, or those with health costs or other financial needs. Losses or fraud to your retirement account are particularly devastating, and you should have an attorney you trust on your side.
If you have large investment losses, contact Attorney Daniel A. Bakondi, Esq. today for an assessment of your options and investment loss recovery strategies.
Attorney Daniel A. Bakondi, Esq.
The Law Office of Daniel Bakondi
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