New York, NY securities attorney Jenice L. Malecki talks about elder financial fraud. She explains that elder financial fraud is an especially complex area of law that must be handled with great care, employing all available legal tools. Issues affecting seniors are a high priority for regulators in every state, as well as at FINRA and the SEC. Protecting senior investors’ money is critical, because loss of their assets can leave them dependent on Social Security, which is often insufficient to meet their needs.

Elderly investors frequently require assistance in managing their finances, and many people fail to recognize the importance of proper safeguards within a highly regulated environment like the securities industry. It is essential that powers of attorney are correctly executed, that family members are actively involved when appropriate, and that oversight mechanisms are in place. She notes that, in her own practice, her mother sends duplicate brokerage statements to both her home and hers to ensure oversight.

Setting up these protections before any fraud occurs is key, but if fraud does arise, it is critical to engage a securities attorney who specializes in this area. Such an attorney understands the rules and strategies necessary to help seniors recover their funds—and potentially more—while navigating the regulatory landscape effectively.