Chicago Elder Financial Abuse Law Firm Represents Older Illinois Seniors and Retirees In Recouping Their Investment Losses From Broker-Dealers
For more than three decades, Shepherd Smith Edwards and Kantas (investorlawyers.com) have been known as one of the most dedicated Chicago-area elder financial abuse law firms when it comes to advocating and fighting for elderly investors and their families who have fallen victim to stockbroker fraud. We represent clients throughout the state against local and regional broker-dealers, as well as the largest brokerage firms on Wall Street.
Unfortunately, elder financial abuse happens. The National Council on Aging says this crime collectively costs victims up to $36.5B each year. This type of financial exploitation of an older person is often committed by someone that they know, such as a family member, a friend, or a caregiver. It is also carried out by bad brokers and investment advisers seeking to take advantage of an elderly investor, including those suffering from dementia, Alzheimer’s, or other health issues.
Losing money because of any kind of financial abuse can have serious consequences for investors of all ages. However, for older seniors who are no longer working or dependent on their savings to support themselves and pay for their medical care, the lasting impact on their lives can be catastrophic.
If you suspect that you or your loved one suffered portfolio losses because of Illinois elder financial abuse by a broker or investment adviser, we can help you determine whether you have grounds for a legal claim. Even if you lost money in an investment scam in which your broker-dealer was not directly involved, if their negligence or misconduct exposed you or failed to detect anything was amiss, you still may be able to hold them liable.
Brokerage firms have a duty to make sure to properly vet the people they hire and not expose their clients to anyone with a lengthy record of investor complaints or criminal charges trailing them. These firms also must oversee all activities in clients’ accounts to ensure that there are no red flags indicating something may be amiss.
Signs of Possible Senior Financial Exploitation by Your Stockbroker or Investment Adviser:
- A financial advisor is unregistered or barred from the industry, and they contacted you unsolicited about an investing opportunity.
- The broker used high-pressure sales tactics, including claiming that you needed to invest now or the opportunity would be gone.
- You were promised that there was zero risk of loss and guaranteed you would make high returns.
- Your investment adviser is making unauthorized trades in your account.
- You can’t get a hold of your broker when you want to reach them.
- You never receive your account statements or the ones you do list inflated or nonexistent returns.
- Your financial advisor obtained power of attorney and is in control of your money.
- The stockbroker borrowed money from you and hasn’t paid you back.
- The investment adviser asked you to issue a check to them directly and deposited the funds in their personal account.
- Your broker is operating a Ponzi scam, an affinity fraud, or another type of investment scheme.
Broker misconduct can also involve making unsuitable investment recommendations, misrepresenting or omitting material facts or the risks involved, excessive trading in your account, selling away, overconcentration, due diligence failures, or other fiduciary breaches.
Why Hire Our Chicago, IL Elder Financial Abuse Lawyers?
Many of our clients are older investors and seniors. Should we agree to work together, you can count on receiving quality securities law representation and personalized attention. We know how high the stakes are, which is why you won’t be represented by just one of our Chicago senior financial abuse attorneys, you will have our entire Illinois securities law firm on your case.
We have the skills and resources to maximize your chances for a full financial recovery whether in arbitration, mediation, or litigation. We also offer preemptive legal services to protect older investors from financial exploitation through our partnership with the law firm McCulloch & Miller.
Allow us to offer you a free, no-obligation case assessment.
Contact Us:
Call (312) 462-4176 or (800) 259-9010 or fill out this form.
Our Illinois Elder Financial Abuse Law Office:
141 W Jackson Blvd #3550A
Chicago, IL 60604