Crooks are increasingly swindling money from senior citizens by directing them into bad investment choices. By one estimate, according to the AARP, there are five million victims of elder financial abuse each year.
But senior citizens are beginning to fight back. The number of senior fraud lawsuits is on the rise, amounting to millions of dollars, as are arbitration cases filed with the NASD and the New York Stock Exchange. NASD and NYSE officials declined to comment.