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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TAI FSC Products for Elderly
On Jan. 31, TAI FSC promoted products to support the elderly. Promotes relevant financial policies for the elderly and disadvantaged, and guides financial institutions to actively develop the needs of the elderly and disadvantaged. Measures In order to ensure the economic security of the elderly and the disabled, will list the end-of-life insurance premium income…
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FINRA Fine Churning of Senior
On Sep. 17, FINRA fined Vanderbilt $100k for undue churning. Vanderbilt Securities, and Barry Alan Champney fined $100k and 5k respectively. Alleged Violations Procedures acknowledged regular trades in the same security may be unsuitable. But did not give guidance for detecting or preventing excess trading or churning. No systemic tracking of turnover rates and cost-to-equity…
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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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SEC LI Broker Investment Scam
On May 30, SEC charged broker with defrauding clients up to $8mn. Charged former registered representative with defrauding long-standing brokerage customers in an $8mn investment scam, including senior citizens, misled investors. Alleged Fraud Steven Pagartanis, affiliated with broker dealer, told customers would invest in public traded or private land development companies, promised safe investment returns,.…
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