Senior on Seniors Fraud
By Brian O'Connell
The NASAA points to a pair of relevant cases: One 74 year-old Texas man named Ronald Keith was recently sentenced to 60 years in prison of investment . Authorities say that Keith netted $2.6 million in the investment scam.
But Keith was a young whipper-snapper compared to William Kirshner, an 84 year-old Texas financial advisor who was recently sentenced to five years in state prison for funneling more than $100,000 out of investor accounts and into his own pockets. (the sentence was later reduced as long as Kirshner paid back the money in full to the victims).
Another senior Texan, 76-year-old John F. Langford, is due in court in Amarillo early this year on charges that he defrauded annuity investors out of $6 million.
It’s not just Texas, either - fraud regulators in states like Louisiana and Alabama have also reported more “senior on senior” fraud cases.
What can American seniors do to stave off such crimes?
For starters, don’t let a financial advisor's “experience” fool you. Just because a financial advisor or stockbroker is 65 with dignified white hair, go with credentials and referrals - not seasoning.
Also, don’t choose a senior advisor based on a one-time seminar or someone you heard on a radio talk show. Take your time and vet any financial professionals you’re considering through the Better Business Bureau and through your state’s consumer affairs office.
Also,
don’t accept telemarketer calls (they could be targeting you because of
your age), avoid direct mail marketing campaigns and make sure you
assign a power of attorney to someone you trust in the event you become
incapacitated
Seniors preying on seniors may be a sign of these increasingly desperate economic times, but that doesn’t mean it has to be a sign of any negligence on your part. Stay alert, vet anyone of any age looking to sell you financial services or products and ask for help from state regulators if you need it.
Do
that, and you’re increasing your shot of not being “old-schooled.”
The NASAA points to a pair of relevant cases: One 74 year-old Texas man named Ronald Keith was recently sentenced to 60 years in prison of investment fraud charges. Authorities say that Keith netted $2.6 million in the investment scam.
But Keith was a young whipper-snapper compared to William Kirshner, an 84 year-old Texas financial advisor who was recently sentenced to five years in state prison for funneling more than $100,000 out of investor accounts and into his own pockets. (the sentence was later reduced as long as Kirshner paid back the money in full to the victims).
Another senior Texan, 76-year-old John F. Langford, is due in court in Amarillo early this year on charges that he defrauded annuity investors out of $6 million.
It’s not just Texas, either - fraud regulators in states like Louisiana and Alabama have also reported more “senior on senior” fraud cases.
What can American seniors do to stave off such crimes?
For starters, don’t let a financial advisor's “experience” fool you. Just because a financial advisor or stockbroker is 65 with dignified white hair, go with credentials and referrals - not seasoning.
Also, don’t choose a senior advisor based on a one-time seminar or someone you heard on a radio talk show. Take your time and vet any financial professionals you’re considering through the Better Business Bureau and through your state’s consumer affairs office.
Also,
don’t accept telemarketer calls (they could be targeting you because of
your age), avoid direct mail marketing campaigns and make sure you
assign a power of attorney to someone you trust in the event you become
incapacitated.
Seniors preying on seniors may be a sign of these increasingly desperate economic times, but that doesn’t mean it has to be a sign of any negligence on your part. Stay alert, vet anyone of any age looking to sell you financial services or products and ask for help from state regulators if you need it.
Do
that, and you’re increasing your shot of not being “old schooled".
