ABUSE,
NEGLECT &
EXPLOITATION
14 Senior Resource Directory 2020-2021
Exploitation-
Fraud and Securities Theft
Securities Fraud
All investors should keep their guard up anytime anyone offers an
investment opportunity. It’s important to remember that if an
investment sounds too good to be true, it usually is. Older Americans
are the number one target of investment con artists. Stockholders
and financial planners who engage in abusive practices often seek out
the elderly. The files of state securities agencies are filled with tragic
examples of senior citizens who have been cheated out of savings,
windfall insurance payments, and even the equity in their own homes.
Such victimization can be avoided by following 10 self-defense tips
for older Americans by the North American Securities Administrators
Association.
Don’t be a courtesy victim.
Older Americans are of the generation that was taught to be courteous
at all times to phone callers, as well as people who visit them at home.
Con artists do not hesitate to exploit the good manners of a potential
victim. Remember that a stranger who calls and asks for your money
is to be regarded with the utmost caution. You are under absolutely
no obligation to stay on the telephone with a stranger who wants your
money. It is not impolite to explain that you are not interested and
hang up the phone. Save your good manners for friends and family
members, not swindlers.
Check out strangers touting strange deals.
Trusting strangers is a mistake that all too many older Americans make
when it comes to their personal finances. Say “no” to any investment
professional or con artist who presses you to make an immediate
decision, giving you no opportunity to check out the salesperson, firm
and the investment opportunity itself.
Extensive background information on investment salespeople and
firms is available from the Central Registration Depository files
available from your state securities agency. Call 1-800-222-1253
or write: Alabama Securities Commission, 770 Washington Ave.,
Suite 570, Montgomery, AL 36130-4700. Almost all investment
opportunities must be registered for sale in the state in which you live.
Your state securities agency can tell you if the investment opportunity
is properly registered.
Before you part with your hard-earned savings, get written information
about the investment opportunity, review it carefully, and make sure
you understand all the risks involved.
A favorite tactic of telemarketing con artists is to develop a false bond
of friendship with older Americans. Swindlers know that many senior
citizens are eager to have someone to talk to on the phone - even a
complete stranger.
Combat Elder Abuse in Alabama:
Alabama Department of Human
Resources - call 1-800-458-7214
Division of Health Care Facilities
AL Dept. of Public Health
800-356-9596
Complaint line for health care
facilities problems.
Elder Abuse Hotline
800-458-7214
Safety and Accountability
for Everyone Program
334-585-1574
House of Ruth
P.O. Box 968
Dothan, AL 36302
334-793-2232