Elder Financial Abuse Lawyers Tag Archives

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.

Are You A Victim of Elder Financial Abuse? Elder Fraud Cost Victims More Than $3.4B in 2023, Reports FBI

June 15 was World Elder Abuse Awareness Day, which was established to promote a greater awareness globally about the abuse and neglect that can be suffered by older persons. Here, at Shepherd Smith Edwards and Kantas our Elder Financial Abuse Lawyers (investorlawyers.com) represent seniors who have fallen victim to elder financial abuse by a broker or investment adviser.

In a recent report by the Federal Bureau of Investigation (FBI), its Internet Crime Complaint Center stated that in 2023, total losses exceeded over $3.4B from scams reported that targeted victims older than 60. That is a nearly 11% rise from the losses reported in 2022. About $1.24B of the losses from last year were a result of investment schemes.