Tag Archives: Elder Abuse

SEC Microcap Pump Dump Scheme

On Jul. 18, SEC charged two in fraud scheme targeting elderly. SEC charged Garrett M. O'Rourke of FL, and Michael J. Black of MD in microcap pump and dump scheme targeting elderly retail investors, SEC also obtained asset freezes. Fraud Scheme From 2016 to 2018, defendants used high pressure promotional campaigns to sell the stock…
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U.S. – DoJ Elder Fraud Strike Force

On Jun. 13, DoJ announced transnational elder fraud strike force. The strike force will be a law enforcement effort bringing together the resources and expertise of the DoJ consumer protection, and USAO for 6 federal districts. Also includes the FBI, the US Postal Inspection Service, and other organizations. Collaboration There will also be collaboration with…
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DoJ Elder Fraud Sweep

On Mar. 7, DoJ coordinated largest-ever elder fraud sweep. AG Barr of Justice Department said it coordinated largest US elder fraud sweep. Coverage Cases during this sweep involved more than 260 defendants from around globe Defendants victimized more than two million Americans, most of them elderly. DoJ took action in every federal district across country…
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CFPB Elder Financial Abuse

On Feb. 26, CFPB issued report on wide elder financial abuse. Financial institutions report vast increase in older customers prey to exploitation. Perpetrators from offshore scammers to close family members and they’re filing hundreds of thousands of reports with federal government about their suspicions. Report First-public analysis provides better understanding of elder fraud and prevention.…
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CAL INS Bill To Protect Seniors

On Jul. 17, CAL INS said bill to protect seniors signed into law. Commissioner-Dave Jones, had sponsored the bill to protect California seniors Impact of Law Law improves long-term care insurance and accelerated death benefit statutes. Assembly Bill 2180, facilitates policy review process for more insurance choice. California is home to the largest number of…
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CA INS $1.6mn Elder Fraud

On Jun. 22, CA INS acted on insurance agent for elderly fraud. Mark Malatesta was charged in Mar. 2018 and pleaded guilty to 23 felony counts. Department of Insurance detectives arrested, in $1.6mn fraud scheme of elderly. Alleged Violations Falsified information on annuity applications, made $135k in illegal commissions. Convinced senior victims to terminate investment,…
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