Among the most common types of Elder Abuse is financial abuse. Mature Americans have a sadly outdated sense of trust when it comes to their financial representatives. This trust, when coupled with a life's savings and a greedy "professional" can spell disaster.
The most typical abuse by a financial adviser or stockbroker is recommending an unsuitable investment. This would include recommending investments that are too risky for you, or that don't match your stated goals. An example might be investing you in low grad bonds ("junk bonds") when you are retired and cannot put your principal at risk. Usually there is some ulterior motive for the broker's recommendation, like a higher commission or a sales contest.
Other abuses come in the form of unauthorized transactions ("I didn't order that!"), churning (trading excessively in and out of stocks) and over concentration (failing to diversify the portfolio).
Jeffrey Gaffney has helped hundreds of couples and individuals to recover losses due to negligence and fraud by financial advisers. If you have suffered a significant loss through following the advice of a stockbroker, you may be entitled to recompense.
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Disclaimer: All information on this page is believed to be accurate but is not to be considered legal advice, nor should it be relied upon without direct consultation with an attorney. Posting of this information is not to be construed as establishing a relationship with attorney Gaffney. A relationship is only established by a retainer agreement of engagement letter.