Increased Age Often MeansIncreased Fraud

There is a clear growing trend of financialfraudsters targeting the senior populationthrough various life insurance and annuity

package schemes. While of course thesenior portion of society has always been a

target for such fraudulent activity, it isapparent in recent years that the number

of those taken advantage of has grownexponentially.

This is likely due to the fact that literally 70 percent ofpersonal wealth in the United States is controlled, operated,and maintained by the elderly. Additionally, with the babyboomers retiring in full force, ten thousand Americans turnsixty-five every day. It is projected that this number will not

decrease until 2030. In light of such, it makes sense that crookswould refine their scope of financial fraud to highlight seniors.Not to mention, there are large sums of money involved in theinsurance industry, providing the perfect framework for said

criminals.

Luckily, regulatory efforts arebeing made in order to protect the

vulnerable elderly from fallingvictim to said deplorable schemes.

As recently as last Fall, tworepresentatives brought the

Senior$afe Act of 2015 to the floor.Essentially, the legislation

attempts to decrease criminalactivity by encouraging victims to

report the crimes. It should benoted that, currently, only one in

every forty-four cases areestimated to be reported to the

proper authorities.

Just as well, the FinancialIndustry Regulatory

Authority’s proposed a bill in2015 that intends to fight elderfinancial abuse also. This all

said, it is true things are beingdone to protect those who

cannot protect themselves.Yet, the stark reality facing us

is that these illegal schemesare currently being executedacross the country; and while

we announce our intent to voteon bills that should have

already been passed, seniorsare forced to deal for even

longer.

Thankfully, theFinancial Industry

Regulation Authorityclaims to be close to a

decision. However,this is an issue that

needs immediateaction. It is possible

that FINRA ispostponing decision

because of thepotential costs thatregulation could add

to daily business.However, even

though this may bethe case, it does not

change the facts.This despicable

financial abuse needsto be eradicated, and

soon.