Securities Regulators Urge Canadians to Help Prevent Financial Abuse of Seniors
Elder abuse relating to finances may appear in a variety of forms: an investment offered to a senior might be an outright fraud, or it could be a legitimate investment product that is unsuitable for the senior's circumstances. Problems involving securities can also include theft of funds or products sold by unregistered sales representatives.
"Financial losses through investment fraud and unsuitable investments can be devastating for anyone," said CSA chair, Jean St-Gelais. "However, seniors living on a fixed income or limited savings have a more difficult time recovering from financial loss."
A 2007 CSA study found that victims of investment fraud experience negative effects on their physical and mental health. Fraud victims in the study reported higher stress levels, increased feelings or displays of anger, depression, and feelings of extreme loss or isolation, as well as physical effects such as panic or anxiety attacks.
The CSA encourages all seniors to investigate every investment opportunity before they give someone their money. Seniors should also consider seeking out independent, third party advice if they are unsure about an investment.
The CSA urges anyone who suspects or knows of an investment fraud to report it to their local securities regulator. Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.
The CSA website (www.securities-administrators.ca) provides important information about investing that can help seniors, their families, and their caregivers recognize and avoid investment scams. These include:
- Scam Artists Pursue Adults Over 50
- Boiler Room Scams: Could you be vulnerable?
- Protect Your Money: Avoiding frauds and scams
- Know the Red Flags of Investment Fraud
Abridged
SOURCE: MarketWire.Com
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