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 […]
Ex Wells Fargo Adviser Convicted of Senior Abuse
Adorean Boleancu, a former financial adviser with both Wells, Fargo and Morgan Stanley, pleaded guilty yesterday to stealing $1.8 million from one of his elderly clients. According to a statement from the Department of Justice, he faces 30 years in prison when sentenced later this year. Often bankers, stockbrokers and financial advisers are the ones […]
Inheritance Fraud – It's Worldwide Problem
Usually the cases of inheritance fraud we deal with occur when a caregiver or greedy relative alters the will of a loved one or simply fails to turn over assets after death. Forged wills are another common occurrence. Unfortunately the problem is worldwide. This story details just how sneaky and dishonest some people can be. […]
Elder Abuse Post: Bank VP Charged With Stealing From Elderly Client
Elder abuse happens daily. Because it’s victims are often incapacitated or to scared to seek help, the problems don’t get the attention they deserve. Some elder abuse victims are so ill they don’t even understand that they are being victimized. As a society, we hope that caring family members, lawyers, social service providers and bankers […]
Will Contests and "No Contest" Clauses
Will contests and inheritance fraud are big problems that never receive much media coverage. Everyday, children, grandchildren, siblings and jilted spouses race to courthouses across the country claiming they were wrongfully cut out of the someone’s will. Sometimes family members go to court to prevent an overreaching caregiver or family member from taking advantage of […]
Silent Screams – America's Growing Elder Abuse Problem
Elder Abuse – It’s not exactly a household word. While everyone has a mental picture of what that term means, most people don’t know how widespread the problem has become. The very victims are often unable to report the problem – if they even know they are being victimized. Those that do realize that they […]
Grandson Gets Prison For Defrauding Grandfather's Estate
by Brian Mahany This is a very sad story. Unfortunately, it’s one we see with increasing frequency. As millions of families gather for holiday festivities, many of our elderly and disabled family members find themselves the victims of elder fraud and theft. The people committing these terrible crimes? It’s often family members or caregivers. Michael […]
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 […]
A Sad Day For Elderly Investors In Texas
by Brian Mahany As much as we try to stay on top of every major fraud story, there are simply too many of them. Kudos to InvestmentNews Daily for their reporting today on John Langford. According to published reports, the victims of the convicted swindler will only receive back 2.8 cents for each dollar of […]