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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 110477
Experience:  Attorney experienced in commercial litigation.
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Are there not laws that protect much older investors from

Customer Question

are there not laws that protect much older investors from being preyed upon by financial advisors putting them into investments that are not age or risk appropriate for their individual situation
Submitted: 2 months ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 2 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, there are laws, financial abuse of the elderly, but they are hard to pursue in this type of case if the investment advisor can show his actions were reasonable and he did not defraud you out of the money.. So in order to seek some protection, since investing places risk on the investor, you have to prove he intended to defraud you when taking your money. Quite often there are negligence suits against these advisers for claims they improperly invested in too risky or inappropriate investments and in order to win that type of suit, you have to prove that a reasonable advisor with that same knowledge and skill as your advisor would not have made such an investment. For that reason it is a very hard case in these types of situations even with elderly people.

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