Nov 17, 2010
With new medical research showing that more than a third of Americans over the age of 71 having mild cognitive impairment (MCI) or Alzheimer’s disease that make them particularly susceptible to investment swindles and other financial abuse, 24 securities regulators (Connecticut not being one of them) have joined in a major national “Elder Investment Fraud and Financial Exploitation Prevention Program”.
The unprecedented effort will educate thousands of U.S. medical professionals about how to spot older Americans who may be particularly vulnerable to investment fraud abuse and then to refer these at-risk patients to state securities regulators and adult services professionals.
Senior citizens have long been the target of unscrupulous investment scam artists. According to the 2010 Investor Protection Trust (IPT) Elder Fraud Survey, more than seven million older Americans – one out of every five citizens over the age of 65 – already have been victimized by a financial swindle. For more information about the IPT survey, go to http://www.investorprotection.org/learn/research/?fa=eiffe Survey on the Web.
The 24 participating states and other jurisdictions are: Alabama; California; Colorado; Delaware; District of Columbia; Georgia; Idaho; Illinois; Indiana; Iowa; Kentucky; Michigan; Nebraska; North Carolina; New Jersey; New Mexico; Oklahoma; Oregon; Pennsylvania; Puerto Rico; Tennessee; Utah; Vermont; and Washington.
Based on a successful pilot program in the state of Texas, the “Elder Investment Fraud and Financial Exploitation Prevention Program” is a collaboration between the Investor Protection Trust, the Investor Protection Institute (IPI), the North American Securities Administrators Association (NASAA), and the National Adult Protective Services Association (NAPSA) in cooperation with leading U.S. medical associations, including the American Academy of Family Physicians, American College of Physicians, American Geriatrics Society, National Area Health Education Center Organization, and the National Association of Geriatric Education Centers. This program was created by the Baylor College of Medicine with grant funding from the Investor Protection Trust.
Irving Faught, administrator, Oklahoma Securities Commission, and chairman, Investor Protection Institute, said: “There is a medical component to elderly investment fraud that has been overlooked and cannot be addressed solely by state securities regulators. As state agencies, we need to combine our efforts with the unique front-line perspective of doctors and other professionals to get help to victims, and those most at risk of becoming victims, at the earliest possible point. By partnering with medical practitioners, together we can help protect our seniors and their money.”
Abridged
SOURCE: CTWATCH DOG.COM
__________________________________________
Click for Updates, More Cases and Resources
Search Right Col/Labels for More Posts/Resources
No comments:
Post a Comment