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.

Key Findings

• 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%)

Click here for the full results and here to view the press release. Click here to view an article published in USA Today that also highlights the findings.

Related Stories

1. Join the Fight Against Financial Exploitation

2. Dr. Mark Lachs Talks with Weill Cornell Medical Center Dean about Elder Abuse

3. Elder Justice Now has Leadership at Top Government Levels

4. White House Opens the Door for Elder Justice

5. Breaking Elder Justice News from the White House on June 14, 2012

6. HHS Grants to Help Protect Seniors and Test Elder Abuse Prevention Strategies

by Cara Kenien, LMSW, MPA, Social Media Manager, NYCEAC