Elder fraud

Scam artists are increasingly targeting elderly Americans for their retirement savings. But the warning signs can be obvious, if investors — or their advisors — know what to look for.

Seniors lose more than $3 billion each year in financial scams. A panel looked at how they can protect themselves, and how trustworthy advisors can help.

Jacob Glick is accused of breach of fiduciary duty and misappropriating client funds, among other alleged misconduct.

James Booth’s seven-year fraud bilked investors out of nearly $5 million.

After the client died at age 98, the advisor allegedly moved on to bilk another elderly investor, authorities say.

“Concerns over the program's ability to pay promised benefits have been around for a long while, but they're heightened,” an expert says.

A watchful planner might have saved a matriarch’s IRA from being allegedly pillaged by her son.

Although the elderly often lose the most from scams, younger clients are more likely to fall victim, according to a report.

If they fear a sharp downturn, seniors may want to avoid locking up their retirement accounts in long-term bonds.

NASAA’s annual survey of regulators sheds light on legal proceedings against BDs, RIAs and unregistered firms that often go unnoticed in the wider industry.