Elder fraud

Overall, the advisor defrauded at least nine clients out of $1 million, which he used to pay for tuition and mortgage payments, federal prosecutors say.

The Ponzi-like scheme used investor funds to pay other investors’ debts and cover personal expenses.

The dirty little secret about elder exploitation is that almost 60% of cases involve a perpetrator who is a family member, according to a 2014 study.

The defrauded clients included the advisor’s own in-laws, who had suffered from Alzheimer’s and a debilitating stroke.

One couple in their eighties invested more than $700,000 with the alleged schemers, representing almost the entirety of their cashed-out pension, regulators say.

Seniors should consider designating joint agents, reviewing the security features on their financial accounts, and having their names removed from credit card solicitations.

Pinnacle Investments tapped Ami Forte despite her ongoing legal struggles with her former firm and Home Shopping Network founder Roy Speer’s estate.

Spanning 50 federal districts, the case involves criminal and civil charges for as many as 200 defendants.

The advisor fleeced the duo of nearly $1 million by misappropriating their stock holdings and initiating unauthorized wire transfers from their bank account, prosecutors allege.

New FINRA rules will help the wealth management industry do its part to identify and prevent elder abuse.