There is a need for strong protection of the elderly investing population. About one out of every five Americans 65 years and older has been a victim of financial abuse. The elderly are estimated to lose up to $2.9 billion per year from scams. In fact, these figures are likely…
The Financial Industry Regulatory Authority (FINRA) announced its approval of a rule in a press release to help brokerage firms protect seniors citizens and other vulnerable adults from financial exploitation. The heart of the proposal allows a firm to place a temporary hold on a disbursement of funds or securities…
As long time readers of our blogs know senior abuse is an ongoing concern in the securities industry. See Massachusetts Fines LPL Financial Over Variable Annuity Sales Practices to Seniors; The NASAA Announces New Initiative to Focus on Senior Investor Abuse; The Problem of Senior Investor Abuse – A Securities…
As we have reported previously, financial abuse of seniors is a significant problem in the United States. In our firm’s representation of clients, seniors comprise the vast majority of clients that seek our firm’s assistance as securities attorneys. Recently the North American Securities Administrators Association (NASAA) announced the formation of…
On March 6, 2013, Adorean Boleancu reached a settlement with the Financial Industry Regulatory Authority (FINRA) concerning allegations that he converted at least $650,000 from a customer. By agreeing to the FINRA settlement Boleancu does not admit or deny any of the findings made against him but accepts a bar…