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Blog Post

Investment Fraud Against Elderly "Rampant"

Posted by: Robert Rex
December 27, 2011
Topic: FINRA -- Investment Fraud and The Elderly

Wall Street Journal reporter Kelly Greene's recent article "Boomers Wearing Bullseyes" highlights the fact that financial abuse of those over 50 years old is on the rise. The number of fraud actions involving this group doubled from 2009 until 2010 according to NASAA (North American Securities Administrators Association). As you may have guessed, the number of regulators there are to monitor this abuse did not change substantially.

One of the cases highlighted in this WJS article involves serial ponzi schemer James D. Risher of Sanibel, FL who was recently sentenced to nearly 20 years for pleading guilty to fraud charges that resulted in the loss of nearly $20 million dollars from about 100 central Florida retirees. Robert H. Rex, Esq is currently representing this group that is attempting to recover the lost nest eggs from several brokerage firms and financial institutions. See earlier blog posts for details regarding James Risher.

 If you are concerned about your broker or the way your brokerage account is being handled, please do not hestiate to contact Robert H. Rex, Esq. at 561 391 1900.