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On August 15, 2012, the Investor Protection Trust (IPT) released the findings of a survey of experts. This survey, which the IPT conducted with the Investor Protection Institute (IPI), was in response to questions posted by the Consumer Financial Protection Bureau (CFPB).
Click here to listen to the audio stream featuring Dr. Mark Lachs, NYC Elder Abuse Center Director, weighing in on the results during a press conference with 70 reporters.
- Investment fraud and financial exploitation targeting older Americans is a major problem and most seniors do not have the information they need to pick a financial advisor to help them protect their savings.
- Three financial exploitation problems experts identified:
- “Theft or diversion of funds or property by family members” (79%)
- “Theft or diversion of funds or property by caregivers” (49%)
- “Financial scams perpetrated by strangers” (47%)
by Cara Kenien, LMSW, MPA, Social Media Manager, NYCEAC