Doctors Help Unsuspecting Victims Of Financial Fraud
Texas, California, Connecticut and Pennsylvania are among 23 states which are enlisting doctors and other medical professionals in the fight to deter elder fraud, as reported by Investment News. Doctors and other medical professionals have emerged to become yet another combatant to protect seniors from financial fraud, along with state securities regulators. Having doctors and others who are in regular and continual contact with potential victims identify red flags is crucial to help curtail investment fraud abuse. They can first alert the children or help refer them to other professionals to assist them with their finances or investments.
Roughly, 7.3 million older Americans, or one of every five people over the age of 65, have already been subjected to financial fraud, according to an Investor Protection Trust Survey. Pennsylvania Securities Commissioner Steve Irwin said, “As people age, their ability to make sound judgments of risk, despite their healthy physical state, is compromised.” Texas State Securities Board spokesman Robert Elder added, “After a lifetime of working and thriftiness, they accumulate a significant nest egg that makes them a target for fraud.” Unfortunately, when senior citizens are subjected to financial exploitation which erodes their life savings, they simply do not have time to make up the losses because of their age and health. The Texas Geriatric Education Center at the Baylor College of Medicine in Houston, TX has started a program to assist doctors identify older patients who were vulnerable and employed various referral routes to meet their needs.
If you have a family member or know of someone who has been the target of elder financial abuse, please contact our securities law firm for a confidential, no obligation consultation at 1-800-259-9010.