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Category Archives: Elderly Investors

Managing Finances After the Death of a Loved One

By McCabe Rabin, P.A. |

How to handle the finances after the death of a loved one. In September 2016, the Florida Office of Financial Regulation issued a Consumer Alert titled “Managing Finances After the Death of a Loved One.” The alert makes a number of helpful recommendations to take following the death of a family member or loved… Read More »

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The Elderly – Vulnerable to Stockbroker Abuse

By McCabe Rabin, P.A. |

In our law firm, we frequently represent elderly clients in claims against brokerage firms and financial advisors. These claims usually include allegations that the broker took advantage of the elderly client, or recommended improper investments that benefited the broker more than the client. Why and how do the elderly become so vulnerable to stockbroker… Read More »

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Giving Someone Else Power Over Your Investments

By McCabe Rabin, P.A. |

As the investing population ages, it becomes more and more likely that investors will suffer failing physical and/or mental health. Your permanent – or even temporary – incapacity could make managing your own investment accounts impossible. One potential preemptive solution is for you to give a power of attorney (POA) to a family member… Read More »

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FINRA Provides Preliminary Analysis of its Senior Citizen Helpline

By McCabe Rabin, P.A. |

Last spring, FINRA launched a Securities Helpline for Seniors – known as HELPS – as a resource for senior investors with questions and concerns. With the country’s growing population of senior citizens, who are often targeted in fraudulent and deceptive investment schemes, the HELPS line is just another resource in FINRA’s recent push to… Read More »

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Reverse Mortgages: What You Need to Know

By McCabe Rabin, P.A. |

The TV is full of upbeat ads pitching reverse mortgages as an easy, cost–free way to generate income. What many ads don’t say, is that reverse mortgages come with risk, including the risk of foreclosure. A reverse mortgage is a type of home equity loan that is only available to elderly borrowers, typically age… Read More »

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Florida Department of Financial Services Presenting Free “Be Scam Smart” Workshops

By McCabe Rabin, P.A. |

During the month of October, the Florida Department of Financial Services will be presenting free Operation S.A.F.E. workshops throughout the state to seniors, their family, and caregivers. The workshops aim to inform seniors on the many tactics scam artists use to steal their hard-earned money. Operation S.A.F.E (Stop Adult Financial Exploitation) is a multi-division… Read More »

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NASAA Cautions Investors Against Blindly Chasing Higher Returns

By McCabe Rabin, P.A. |

Following the recent announcement by the Federal Reserve that interest rates are expected to remain low until at least 2014, the North American Securities Administrators Association (“NASAA”) issued a warning to investors to be cautious about investments offering higher returns. The NASAA cautioned that investors should not abandon their slower growing, safe investments in… Read More »

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Wells Fargo Fined $2M For Selling Unsuitable Reverse Convertible Securities To Seniors

By McCabe Rabin, P.A. |

The Financial Industry Regulatory Authority (FINRA) announced that is has fined Wells Fargo Investments, LLC (Wells Fargo) $2 million related to the sales of unsuitable reverse convertible notes to elderly customers. The sales were made by one of Wells Fargo’s former brokers to 21 customers, most of whom were in their 80’s and 90’s…. Read More »

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FINRA Reminds Firms of Their Obligations Regarding the Use of Senior Designations by Their Brokers

By McCabe Rabin, P.A. |

The Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 11-52 (Notice) reminding its member firms of their supervisory obligations regarding the use of designations by their brokers that imply expertise, additional training or a specialty in advising elderly investors (senior designations). In early 2011, FINRA surveyed 157 brokerage firms regarding the use of senior… Read More »

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Anti-Fraud Hotline Offers Financial Help to Seniors

By McCabe Rabin, P.A. |

It is estimated that one out of every five Americans over the age of 65 have been the victim of a financial scam. Now, help for potential financial swindle victims has arrived. A national toll-free hotline for seniors and adult children of the elderly will be launched on November 10 to provide seniors with… Read More »

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