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Posts Tagged ‘elder financial abuse’

SEC Commissioners Urge Beefed-Up Elderly Protection

Securities and Exchange Commission Republican Commissioner Daniel Gallagher and Democratic Commissioner Luis Aguilar urged the agency to beef-up elder financial protection efforts. Gallagher criticized the SEC for letting anti-elder fraud activities fall away since the start of the financial crisis. “It’s time to step up again,” the Republican Commissioner said. On the Democratic side, Aguilar said the agency should do more. For one, it should establish a working group on senior fraud composed of representatives from the enforcement, examination, and investor education sections, he said. He added senior issues should be included in the agency’s rulemaking across the board. “Elder…

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The study is a follow-up of MetLife’s 2009 “Broken Trust: Elders, Family, and Finances”

The study examines the prevalence and impact of elder financial abuse in America today. It demonstrates how these crimes continue to decimate incomes, impact the health and well-being of its victims, and fracture families. Yet it still is underreported, under-recognized, and under-prosecuted. Elder financial abuse continues to the “Crime of the 21st Century,” according to a recently published MetLife study on the financial abuse of the elderly, “The MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders.” The study shows that elder financial abuse falls into three types of crimes: occasion, desperation and predation….

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