According to the Sun Sentinel, U.S. Rep. Ted Deutch recently unveiled proposed legislation aimed at protecting the elderly from financial scams.
Deutch, D-Boca Raton, has submitted two bills that call for stiffer fines for fraudsters who prey on the elderly as well as the creation of an office within the Federal Trade Commission that will handle complaints filed by senior citizens.
“The idea of having a national approach and database makes it easier to catch these guys,” Deutch said.
Deutch wants to form the Office for the Prevention of Fraud Targeting Seniors to take senior citizens’ complaints and educate them about a wide range of scams from fake sweepstakes to Ponzi schemes. A recent study indicates that one in every 20 senior citizens has been the target of a financial scam, according to Deutch’s office.
Deutch also is proposing giving the U.S. Securities and Exchange Commission the ability to pursue heightened civil penalties against businesses that mislead investors over the age of 62.
While increasing regulatory scrutiny of firms that engage in securities fraud is of course a step in the right direction, such regulatory enforcement will not help investors who have already been victims recover their money. To do that, these individuals must bring a private action against the fraudsters.
If you believe that you have been the victim of a securities fraud, the securities attorneys of The White Law Group may be able to help. For a free consultation, please call the firm’s Chicago office at 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.