Investment Schemes Targeting Retirees
More and More Financial Schemes Targeting Seniors and Retirees
As more and more baby boomers enter their retirement years and the economy remains flat, a growing number of reports are surfacing that more and more financial schemes are targeting seniors. In addition, law enforcement agencies, afraid that thousands of older Americans may fall prey to scams, are stepping up policing and closely monitoring the trends.
Demographers report that approximately 10,000 Americans will turn 65 each day for the next 15 years, which will grow to about 80 million by 2040. US life expectancy has risen strongly, and today a senior aged 75 is considered “young” by many.
This growing group, however, is attracting a wide array of financial schemes. From Ponzi schemes and unstable alternative investments to old-fashioned penny-stock and pump-and-dump fraud, fraudsters are throwing everything they have at American seniors. There have also even been reports of shady telemarketing and social-media campaigns.
Regulators Report Case of Eight People Charged with Duping Thousands of Investors of $290 Million with Penny Stock Scam
One of the biggest examples of this latest wave of alleged scams is a case of eight people charged with duping thousands of investors of $290 million by telling them to buy penny stocks. Said investors then watched their investments disappear after the promoters dumped their shares after the prices rose.
All parties have pled not guilty, and FINRA is on the case. FINRA has gone so far as to launch a new toll-free FINRA helpline for seniors — (844) 574-3577 — aimed in part at responding to their complaints about how their brokerage accounts are handled. Following the first week, FINRA has already received 130 calls.
The Peiffer Wolf Investor Right Lawyers Often Represent Investors
The Peiffer Wolf investor right lawyers often represent seniors and retirees who lose money as a result of broker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Seniors and retirees who believe they lost money as a result of broker misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.