An irreverent Wall Street Blog
by Bill Singer

Wall Street's Shame: Elderly Clients As Victims of Fraud

June 16, 2010

Perhaps it is would be a classic understatment to say that times are tough -- fact is, it's been brutal for the past few years.  The Great Recession has hit all of us hard.  Sometimes, Wall Street forgets that it's not just the securities industry that has been battered by bad times.  Sure, we can talk all we want about Lehman, Bear Stearns, AIG, and countless other firms; however, those institutions have not experienced anything all that different from the financial stresses imposed upon millions of Americans.

Amidst all the hard-luck stories of failed brokerage firms and unemployed stockbrokers, a frightening problem appears to be emerging.  Faced with hard times on Wall Street and dwindling financial resources of their own, some securities-industry professionals seem to be turning to the dark side.  Even more alarming, the elderly are increasingly being targeted by unscrupulous stockbrokers.  Equally troubling are the apparent failures to reasonably supervise such miscreants.

Please consider some of the 2010 monthly disciplinary cases involving elderly clients brought by the Financial Industry Regulatory Authority (FINRA) in the past six months alone.  Visit: http://www.rrbdlaw.com/enforcement-actions/tags.php?term=Elderly&year=2010

 

Permalink

Search BrokeAndBroker

Related Topics

Previous Entries

Tag Cloud

Bill Singer BrokeAndBroker FINRA Arbitration AWC SEC BrokeAndBroker.com Expungement BrokerAndBroker Employment Guest Blog Guest Blogger Wells Fargo Street Sweeper Bill SInger Jobs Aegis Frumento OBA U5 Fraud Promissory Note U4 Email Merrill Lynch Morgan Stanley UBS Defamation EFL CRD Wire Fraud Elderly Statutory Disqualification InSecurities BrokeAndBroker OHO Whistleblower NAC PST Suitability FBI Forbes DOJ Rule 3270 Ponzi ALJ Supervision Citigroup BrokerCheck Borrowing IRS Form U4 SDNY OIP Expenses Supreme Court Willful Pro Se Bank Outside Business Activity Ameriprise Felony Dodd Frank WSP Rule 8210 Securities Industry Commentator Discretion Rule 2080 Wrongful Termination Rule 2010 Form U5 Discovery IRA Wachovia RIA Raymond James Business Expenses Mail Fraud JP Morgan Wife Bar NASD Insider Trading Conversion Punitive Damages CCO Husband Rule 1122 TRO Bankruptcy Checks Settlement Margin Forgery Edward Jones Rule 3240 Estate LPL Tax Stephen Kohn Willfulness Trump Schwab Commissions 2Cir arbitration Credit Card NYSE Outside Business Activities Employment Tuesday Promissory Notes Madoff Small Firm Insurance Frumento Beneficiary Rule 3040 Wall Street FAA Options Corrective Action Statement Private Securities Transaction Injunction Annuities Impersonation Antitrust Tax Liens Facebook Bank of America Rule 3280 Indictment Real Estate CFTC Customer Power of Attorney Due Diligence ETF Crypto Exam Trust Remand Stay Tax Lien Rule 12206 TD Ameritrade Offer of Settlement ATM Spouse Street Legal SRO Mortgage Test Goldman Sachs Misdemeanor COVID OTR Annuity Signature Complaint Barclays Retaliation Trustee OWB Securities Fraud Away Account Solicitation Motion to Dismiss VA Eligibility Rule Explained Decision ACQ Case In Point POA email Schapiro Jurisdiction Sanctions Rule 2510 Wire NASDAQ Unauthorized Discretion DCCir Lien Blockchain Initial Decision Rule 4511 Spouses Loan ARS Appeal Discrimination HFT Conspiracy Liens Rule 12200 Mandatory Arbitration Employee Forgivable Loan T&P E*Trade 9Cir JPMorgan Fidelity Burris Money Laundering Rule 4530 NSF Reg SP PCAOB Class Action Unfair Competition Bonus Cease And Desist RBC NASAA Flash Crash Deutsche Bank Signatures Great Recession Unsuitability REIT Manifest Disregard Retirement Dissent Continuing Education Failure to Supervise expungement Fiduciary Reimbursement Compliance Rule 3010 CRS Motion to Vacate AML LOA Personal Expenses Undisclosed Settlement Scottrade Severance Chase Disgorgement Willfully Huffington Post Vacatur Hacking Due Process Credit Cards Broker Protocol 10Cir Divorce FINRA Board Hacker Will IAR Sexist Spoofing brokeandbroker RRBDLAW.com Disclosure Rule 3050 MSSB Lehman Brothers Sexism Internet Cryptocurrency Board Bharara Malware Rule 3110 Customer Complaint Deceased BD Unauthorized Trading Variable Annuity Registered Rep Magazine Gallagher Bitcoin SDFL Fees MC-400 Identity Theft LIBOR Examination FINRA Arbitration Social Media Variable Annuities Forex Wedbush Elder Abuse Website Coronavirus Private Placement Audit Trading Platform Indemnification Apple Kokesh Widow Wey Zipper Annual Compliance Questionnaire Letter of Authorization Loans Stockbrokers employment Emails Stifel Lucia Self Regulation Solicited Statute of Limitations Away Accounts PIABA 2nd Circuit Credit Suisse Second Circuit Registration Rule 9552 Prison Commission BrokeAndBroker Bill Singer BOP FINOP Rule 2150 Bonds WSPs Dakota Securities Arbitraiton Lehman Gensler Private Securities Transactions Net Capital PNC Rule 2111 Unsolicited jobs Waiver 3Cir Public Interest Rule 12904 Brummer Breach of Contract Postponement Crowdfunding Hedge Fund Exhaustion of Administrative Remedies Rule 12805 Confidential Information RMBS Suspension Bear Stearns Plea RR Margin Call Marijuana bill singer BrokeAndBroker.com Blog Rule 13200 Diversity JPM BrokeandBroker Unsuitable Sanction Guidelines Bureau of Prisons Motion to Confirm Charles Schwab Morgan Keegan RRBDlaw.com Telephone TOD Imposter CMA OIG China FOREX Debit Card Judgments Robinhood Cheating MetLife Whistleblowing Newman Hilton Weiner Unjust Enrichment 4Cir ADA IPO Time And Price IC3 Non-Solicitation CE NYAG JOBS Act DOL Confirm Protocol Covid Board of Governors FNMA Rule 2081 CPA OSHA Non Solicitation Rakoff Lawyer Small Firm Governor 1Cir Oppenheimer Leggett 11Cir Restaurant SunTrust Mutual Funds Botkin Stifel Nicolaus Employment Agreement Elder Fraud Tortious Interference Knight Compensation Broke And Broker Counterclaim Raiding Gold Rule 4513 Mother 9/11 Joshua Brown Testimony Rule 2210 Piwowar Puerto Rico Statutory Disqualification Committee Membership Continuance NoCA Private Placements CNBC Reg S-P Obstruction of Justice Regulation SP Charge Embezzlement Concentration NDCA Check Kiting Finra Sexual Harassment Series 7 Whistleblowers WB-APP Auction Rate Securities Racism Cannabis Michael King Associates insecurities Corruption aegis frumento SAC securities industry commentator Irreparable Harm Medicare Rule 13805 Biden Standing Reg D Michael King guest blog Rationale guest blogger Johnny Burris Feigenbaum Funds Test Center Testing Check TCR Wine Shah Gilani Affiliate Taxes Research Saad Conflict 10b-5 CEO Leveraged ETF Bank Fraud Unregistered Morgan Stanely Article V Circuit Court Wire Transfer Service Information EIA Hurry Inability to Pay Sales Assistant Dementia Trade Secrets EDNY Pennystock Form ADV Enforcement ING TheBlot Written Supervisory Procedures Immunity Charity AAA Puts supervision PN Appointments Clause Passcode Pennystocks Sarbanes Oxley Customer Information Executor Confidential HSBC Robert Cook Confidentiality Deferred Compensation Customers MF Global Rule 12504 Termination TSSB Bandimere Preliminary Injunction fraud Lawyers USERRA Stanford VIX High Frequency Trading Woody Allen Day Trading Affinity Fraud Federal Reserve Banc of America Churning Ketchum Bloomberg Aleynikov Rosenthal Recruiting Phishing Khuzami Sharemaster Argentina Google Congress Mutual Fund Obstruction Morgan Stanley Smith Barney Finder\'s Fee Default Penson Rule 3030 Hearing Side Bar Guitron Nietzsche Unauthorized Practice of Law Chase Investment Services Failure To Supervise Commodities Fraud Absolute Immunity Consent Order Negligence McDuff Excessive Trading PAQ Pruco Rule 3310 Relevant Disciplinary History Hugh Hewitt ICO Bid Rigging Self Directed Restitution Death Whitman Over Concentration Government Accountability Project JPMS FINRA AWC FINRA Small Firm 6th Circuit Spoliation Sexual Discrimination Yesenia Guitron Vault Third Party Vendor Conflict of Interest Accounting CDO 401k NPR Marketplace Moon CGMI Beneficiaries Layering 6Cir Rule 12212 Lincoln Financial Casino Rule 9554 BrokeAndBroke OCIE Poteroba Stipulated Award NRF Joint Account Aguilar Corzine Wanger Superior Court Parking IM Statement of Corrective Action Motion to Compel Disability Talman Harris Honorarium Star Wars Laptop Chief Compliance Officer Subpoena Amazon Securities America DNJ Trader FMLA Outside Account AXA Administrative Remedies money laundering Constitution David Sobel Kon Medical Condition Eligibility Self Regulatory Organization Privilege Marines Vietnam Rule 21F Online Smith Barney Ethereum Marine Corps signature Hester Peirce ACH White Probate Ride the Thunder Teleconference Attorneys Fees Rule 1031 Capital Gains Outside Accounts elderly Conflicts Chase Bank Inside Information Ethics Resignation wire fraud mail fraud Respondeat Superior Rule 2430 Offset Self Reporting Rule 13504 Meals Rule 2370 NYG Capital Slander Tax Fraud Equity Indexed Annuities Interactive Brokers wrongful termination Revocation Female Libel Zoom Relevant Regulation Data Cold Spring Advisory Group LLC 5Cir Investor Alert Elles First Amendment Jennifer Tarr Settling Away Client Information Escrow Johnson FOCUS Falsification Commodities Password ESOP Confirmation Fowler Money Market BATS Obama RRBDlaw WhatsApp Department of Justice Arrest Civil Rights DMD Inmate FCPA Subject Matter Jurisdiction Extortion Expert Witness Rory Flynn Risk Daughter Life Insurance For Cause Hospital Control Person Disciplinary History Dell SD VXX BrokeAndbroker Microcap Selling Away 40 Act Fines TIC Newport Coast Securities Extraordinary Circumstances Counterfeit NY Life Florida Texting FAP Kiting Pension Fine Non Solicit RICO Fee Turnover Fifth Amendment Racial Discrimination Series 79 Withdrawals Netschi Scottsdale WaMu Outside Counsel Prudential Gamification Taft Correctional Institution Christian Stanley Attorneys\' Fees Backstage Wall Street Gross EDPA Guest Bloggers Red Flags FCI Beaumont FCI GameStop Reverse Life Insurance Permanent Bar SIFMA Reuters Liquidation Moore Hotel Wires Scholander OWWP Commissioner Stein Motion SP Regulation S-P Puerto Rico Bonds 10b-10 Elder Law Rule 9216 Trading Electronic Communications Schneiderman Thain Son CD Timban Fiduciary Duty Crime YouTube Investment Adviser Copyright Blank Forms 401(k) State Actor Stockbroker Arbitration Title VII Oral Discretion Verbal Discretion Cantor Fitzgerald David Lerner S&P Reform Acosta Do Not Call Stop Loss UIT Penalty Tesla Book of Business 11th Circuit BrokerAndBroker.com Chiasson Annual Audit Chevron 17a-5 Judgment Excel Harassment Supervisor Dissident QuadrigaCX Law School Women Income Molchatsky Production Initials Rule 13904 Exception Reports Kenneth Starr Lek IBM Berthel Fisher Lewis Carroll Investment Advisers Act Arbitrator Murray Retired Woman With Cane Tennis Court Deferred Prosecution Agreement Section 206 Motion to Postpone Grievance DPA DWI bank Confidential Customer Information Leveraged ETFs Quasi Governmental defamation ALJ Foelak ACT! Solomon Reg SHO PHC Rule 420 Fernandez Bank Secrecy Act Oilpro Rule 13201 Exotic ETF Section 1332 Schottenstein Tysk FinCEN Rule 3210 Kovack Securities Non Compete Customer Files Fiero GME Disney Burden of Proof Work Product Back Dated Altered Hayden Brokeandbroker.com Guardian Punitive Summary Judgment Capitalism Undertaking Stipulation Dostoevsky NYLIFE MSPB Mary Schapiro Naskovets Kierkegaard Prime Bank Powell Coin SDCA EB-5 Skimming Lorenzo Subway Hackers Motion to Compel Arbitration Nationwide Tipper Transamerica Office of Special Counsel Checking Legend Binary Options Unauthorized Trades Tippee Bill singer Banks Jon Corzine Texas State Securities Board Stock Promotion Reason for Termination Preet Bharara DCO Cryptocurrencies Arbitrability Executrix ESG FDA Branch Manager Led Zeppelin Sears Liu Eric Stein Third Party Beneficiary Koval Disparate Treatment iPhone Rule 21F-17 BrokeandBroker.com Clearing Firm Cybersecurity NFT Fraudulent Inducement Rule 12104 Short Sale Rule 13104 Altered Records Promoter Non-Solicit Criminal Reasonable National Securities God Compliance Questionnaire Wire Transfers Khan Compromise Ten Commandments Newbridge Malice Proctor CMO Life Settlement CAT Springsteen Transitional Bonus Production Bonus Notice Obamacare South Park McCartney Sex Gnomes NMS Practice Sale Wages Overtime Constructive Discharge BIll Singer AI Form TCR Books and Records Motion to Exclude annuities Mistake Discharge Lexicon Rule 13212 Sterne Agee Bill Singer BrokeAndBroker 9th Circuit State Farm false statements Mail Well Managed Portfolio Extraordinary Cooperation Harris Rule 12511 Sharing Agreement Forfeiture Hearsay Galleon Bob Dylan Kennedy College Rule 2330 Success Fee Age Discrimination Mattera Romer Gifts Elon Musk Silver Evidence Dylan Jay Clayton NML SEC Rules of Practice Traders Diamonds Laser Trainee Fee Ecuador Undercover Bequest Father ADEA Expense Rules of Practice MDLA whistleblower Transfer Martoma Janney Montgomery Scott Hostile Workplace FINRA Foundation Examinations Fidelity Brokerage Services RRBDLAW DDC Twitter Daspin Swaps securities fraud Motiion to Acquit Alcoholism expenses reimbursement NFA Bezos Game of Thrones Jury Instructions Vungarala Voya Currency WBAPP Dinner Covid-19 Purshe Kaplan EEOC Expert Vaccarelli Fourth Amendment Exhaustion Doctrine Patriot Act Securities and Exchange Commission Howey Public Arbitrator Cherry Picking Allocation Series 66 Pacifico Non-Prosecution Agreement Books And Records Res Judicata Allstate Beatles Exception Report Vacate Collateral Gabelli Merill Lynch FINRA Eligibility Rule Training Travel Payroll BitTorrent Mary Jo White JAMS Compliance Officer Frivolous Impersonator Statute of Limitation Merger Orders Goble MBS Witness Tampering JPMorgan Chase Nasdaq Turbeville Principal Preliminary Determination 529 Plan SDOH Communications Clayton Cybercrime Pershing Motion To Dismiss Margin Calls sexism At Will Peirce Municipal Bonds Press Release ETFs finra Wells Fargo Advisors Corporate Credit Card NPI Kent BBVA Blackbook Hurtado Costa Rica PSRO Hertz ADR ALJ Grimes Willfull Cellphone Court of Appeal Bank Guarantee Baby Boomers Deceased Customer Scam Salman In Connection With 8210 Anderson 1099 Tax Advice Espionage Dow Diabetes Rule 13206 House Financial Services Merrill SLUSA FTC AWC. FINRA Rule 144 DMCA Mantar No Show Apartment Broy Credit Repair In House Counsel Financial Disclosure Last Known Address Citibank Joint Production Advisor Placement Group Spam AMC Particularity JP Morgan Securities Ruder Task Force GAP Martin Panama Investacorp Reverse Merger US Airways SIPC Fundacion Nicor AIG Nicolas Corcione Audit Committee Personal Information Varney Schumer HBO Lee Stephen A. Kohn Flash Drive NRSRO Theft Retroactive FNI Media Bribe Municipal Advisor Justice William Faulkner Calls Wang Collateral Bar Tran MAP Retroactive Bar Boyland Guardianship DRS Walter Countrywide Bartko