Elder Financial Abuse Lawyers

Did You Suffer Investment Losses While Working With Former Morgan Stanley Broker Ronald Diaz? Our Elder Financial Abuse Lawyers Represent Seniors and Their Families

Shepherd Smith Edwards and Kantas Elder Financial Abuse Lawyers (investorlawyers.com) is investigating claims of portfolio losses involving former customers of ex-Morgan Stanley broker Ronald Diaz. The Financial Industry Regulatory Authority (FINRA) permanently barred him in 2023 and he was fired by the brokerage firm in 2022 following allegations that he defrauded a customer.

Now, the ex-Florida financial advisor is sentenced to 22 months in prison after he pleaded guilty to wire fraud. Diaz defrauded one of his elderly clients by misrepresenting an investment in an annuity that supposedly guaranteed a 10% return. According to the US Attorney’s Office for the District of Arizona, he told the customer to move $970K to Diaz’s family members, who then transferred most of the money back to the financial advisor.

Diaz misappropriated the victim’s money to pay for his own expenses, including gambling at casinos, paying credit card debt, a swimming pool remodel, and more. Diaz issued “interest” payments so as to get the customer to “invest” more money.

The victim has since died. As part of his sentence, Diaz must pay the elderly investor’s family more than $867K.

What Is Elder Financial Abuse Involving Broker Fraud? 

This is a kind of elder abuse that involves the misappropriation or misuse of an older person’s funds or property by a relative, friend, stranger, or even a financial professional. Some examples of senior financial abuse include forging an older person’s signature on financial documents, taking money out of their accounts without permission, securing power of attorney to steal their money, or changing a will so that the perpetrator becomes the beneficiary.

Elderly persons suffering from cognitive decline or other serious health issues make easy targets for unscrupulous people seeking to take advantage of them and commit fraud. While financial advisors are supposed to be trusted fiduciaries who are supposed to keep their customers’ funds safe, there are those that will use their position to commit elder financial abuse. When this happens, the broker could be subject to criminal charges and regulatory consequences. Not only that, but also the brokerage firm that failed to identify, prevent, or stop the senior financial exploitation could also be held liable.

There are also incidents involving third parties who manage to access a senior investor’s account to defraud them. Even if their financial advisor or the broker-dealer had nothing to do with the elder financial abuse, their failure to detect the scam and protect the older investor could also be grounds for pursuing damages.

What Should You Do If You Suspect That You Or Your Loved One Are The Victim of Senior Financial Exploitation By Your Financial Advisor?

If you believe that you or someone you love is the victim of elder financial abuse, it is important to notify the authorities, the Adult Protective Services in your state, and any financial institutions involved. If the losses involve a brokerage account, you should speak to our seasoned elder financial abuse lawyers right away so that we can help you explore your legal options.

Elder financial abuse involving broker misconduct or negligence does happen. You want to make sure you hire knowledgeable securities lawyers who know how to identify when senior financial exploitation has happened and how to help you maximize your chances for a full recovery.

At Shepherd Smith Edwards and Kantas, we know how devastating it can be to sustain serious portfolio losses at any time in life—but especially when one is an older senior who needs savings and other assets for financial support. We have worked with many elderly investors and their loved ones to recoup their losses.

Contact Our Elder Financial Abuse Lawyers Today:
Call (800) 259-9010 or fill out this form.

Elder financial abuse costs more than $28B in losses in the US each year. We take this very seriously, which is why we have partnered with the law firm of McCulloch & Miller to help older investors and their loved ones with their estate planning and elder law needs.