If the figures coming from the North American Securities Administrators Association (NASAA) are correct, the number of fraud actions involving victims over the age of 50 is staggering. We don’t have 2020 data yet and with COVID, we expect 2020 will be another record breaking year for fraudsters. Sadly, regulatory agencies only have enough resources […]
Texas Man Gets 40 Years In Senior Fraud Case
Robert J. Mangiafico Jr. of Allen, Texas may be a very old man when he gets out of prison. Judge Benjamin Smith in Collin County Texas sentenced him to forty (40) years after he pleaded guilty to defrauding several elderly women out of their life savings. Prosecutors say that Mangiafico’s senior fraud involved a phony […]
Consumer Alert – Questionable Annuity Strategies Aimed At Veterans
by Brian Mahany The National Association of Insurance Commissioners issued an alert yesterday to the nations veterans. There are approximately 16 million veterans who served during the time period between World War II and the Vietnam War. Many of these veterans are retired or quickly nearing retirement age. For many, long term care and estate […]
Prominent Lawyer Guilty of Stealing From 94 Year Old Client
by Brian Mahany Although all cases of elder financial abuse are sad, it is especially depressing when the perpetrator is someone sworn to uphold the law. Like police officers, lawyers take an oath of office in which they pledge to uphold the law and protect their clients. In this case, a Milwaukee County jury convicted […]
Treasury’s FinCEN Joins Fight Against Elder Exploitation
Red Flags of Elder Financial Abuse [Post updated through 2021] The Treasury Department’s Financial Crimes Enforcement Network, better known as FinCEN, has joined the fight against financial exploitation of the elderly. FinCEN has long been the lead law enforcement agency detecting and combating money laundering. Because banks, retailers and many others are required to report […]
Financial Crimes Against the Elderly
Crimes against the elderly are nothing new. Baby boomers are now nearing retirement and represent the fastest growing segment of economy. Unfortunately, few recognize that this population is uniquely vulnerable to financial exploitation. According to Investor Protection Trust, one in 5 Americans over the age of 65 has already been victimized. Actor Mickey Rooney recently […]