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The Elder Investment Fraud and Financial Exploitation Project
By Staff Reporters
A new program created in Houston and tested in Texas will teach medical professionals nationwide to identify and report signs of elder financial abuse.
The EIFFE
The Elder Investment Fraud and Financial Exploitation project includes a new survey and prevention campaign to help people 65 year, and older, avoid being fleeced. The program is designed to help geriatric health professionals and financial regulators work more closely to identify, and report and investigate elder financial abuse.
Assessment
And still, FINRA, the SEC and others are procrastinating on fiduciary responsibility for financial advisors.
http://blogs.chron.com/medblog/archives/2010/06/houston_program.html
Conclusion
And so, your thoughts and comments on this ME-P are appreciated. FAs, and CSAs, are you embarrassed by this program? Are you a fiduciary – much like a physician or lawyer? Doctors, how do you feel – burdened, resentful, empowered, etc?
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Filed under: "Advisors Only", "Doctors Only", Ethics, Financial Planning, Health Law & Policy | Tagged: Elder Investment Fraud and Financial Exploitation Project, finance reform, financial fiduciary, FNRA, SEC |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Does Doing the Right Thing Depend on One Politician?
After much back-room deal-making, a final outcome on fiduciary duty—the biggest issue for financial advisors, stockbrokers and wealth managers in the Wall Street reform bill—may be soon decided and depends heavily on how Senator Tim Johnson (D., S.D.) votes in conference debate.
http://registeredrep.com/securities_law/fiduciary_duty_for_all_hangs_on_senator_tim_johnson_0615/?cid=nl_wm
So do the right thing already, Tim. Demand fiduciary accountability.
Dan
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Out of 5 Older Americans Are Financial Swindle Victims
As medical professionals, health economists and financial advisors, we are in a unique dual position to understand the need for this new program. In fact, in our clinical work we increasingly realize that many adult children worry about their parents’ ability to handle finances. And, with the current financial meltdown pressuring the “sandwich generation’, this program to protect the elderly is more vital than ever before.
ABOUT THE NEW PROGRAM
The “Elder Investment Fraud and Financial Exploitation” project will allow collaborators to work as a team to refer cases to each other, whether it is to report fraud to securities regulators, report abuse to Adult Protective Services (APS) workers, or refer a patient to a clinician for further medical evaluation.
Of particular concern are seniors with mild cognitive impairment who can perform most daily functions, but have trouble or become confused with others, like following their medicine regimen and managing their finances. A 2008 Duke University study found that about 35 percent of the 25 million people over age 71 in the U.S. either have mild cognitive impairment or Alzheimer’s disease. This makes them especially vulnerable to financial exploitation, including investment fraud.
State securities regulators and participating medical professionals now have available the project’s Clinician’s Pocket Guide and an informational brochure for patients/investors. The pocket guide – which outlines common red flags, how to ask about a patient’s financial capacity and what types of referral may be needed – can be used to train medical staff, as well as functioning as a handy reference card. The brochure tells how to protect against elder financial fraud and where to get help.
With a grant from the Investor Protection Trust, the new program was developed by clinicians and geriatrics faculty from the Baylor College of Medicine in Houston, Texas. For more information, go to http://www.investorprotection.org
Source: http://www.prnewswire.com/news-releases/survey-1-out-of-5-older-americans-are-financial-swindle-victims-many-adult-children-worry-about-parents-ability-to-handle-finances-96395079.html
Thus, we urge all medical colleagues to be especially vigilant on behalf of their geriatric patients. And, we implore all FAs to follow the “golden rule.”
Dr. David Edward Marcinko; MBA, CMP™
Hope Rachel Hetico; RN, MHA, CPHQ, CMP™
Ann Miller; RN, MHA
[ME-P Publishing and Editorial Team]
http://www.MedicalExecutivePost.com
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Medical Community Joins Anti-Fraud Campaign
Securities regulators are trying to bring doctors and other medical professionals into the fold when it comes to protecting the elderly against investment scam artists.
http://www.fa-mag.com/fa-news/6396-medical-community-joins-anti-fraud-campaign.html
But, is this appropriate given all that physicians and nurses already have to do?
Ann Miller RN MHA
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Financial Abuse of the Elderly and Physicians
Doctors with older patients hear clues all the time, but have not been trained to recognize that confusion or forgetfulness can be signs that the patient is at financial risk.
Fortunately, thousands of doctors and medical professionals across the country are now taking part in a new effort to screen older patients for financial vulnerability as well as indications they are being exploited financially by family members, friends or strangers.
But, don’t we docs have enough to do already? Do we have to police the financial advisors, too?
Dr. Myra Jenkins Lloyd
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How Safe Are Your Savings?
How Complex Derivative Products Imperil Seniors’ Retirement Security
http://www.demos.org/publication.cfm?currentpublicationID=F6D01D7E-3FF4-6C82-540E50D6E298F051
Dr. David Edward Marcinko MBA
http://www.CertifiedMedicalPlanner.com
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Edler Fraud Alert
Financial Advisers too, can be guardians of their elderly clients’ best interests, shielding them from financial fraud in ways that even family members can’t.
http://www.investmentnews.com/article/20110717/REG/307179990
Jean
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Asking patients about their health care financial concerns
This author remembers joking with Dad about how he’d outlive everyone. He had gone vegetarian 10 years before, never smoked, took vitamins, and asked for a designated driver after his annual Heineken at the neighbor’s Christmas shin-dig. He flossed, wore a seat belt, and looked forward to annual physicals.
http://www.kevinmd.com/blog/2011/09/patients-health-care-financial-concerns.html
And so, the answer for physicians appears increasingly to be “yes”
we should inquire about the financial concerns of our elderly patients.
Dr. Kathleen
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More Financial Advisors Bilking Boomers and Seniors
Enforcement actions against financial advisors [FA] who defraud seniors and baby boomers will hit a record this year, according to state securities officials, and FA Digital news.
“It’s rampant throughout the country,” the enforcement committee chairman of the North American Securities Administration (NASA) told the Wall Street Journal.
The newspaper recently published a comprehensive report on the problem, which is “worsening.” For example, the number of criminal complaints, cease-and-desist orders and other regulatory actions against advisors’ dealings with people over 50 more than doubled in just one year.
In many cases, the victims made risky bets to rebuild portfolios ravaged by the 2007-08 financial crisis. This made baby boomers, which represent 25% of the US population, “especially vulnerable to fraud” prosecutors told the Journal.
Hope R. Hetico RN MHA
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VAs
Variable annuities are among the vehicles most used to bilk boomers and seniors. And, enforcement actions related to VAs more than tripled in 2010 over 2009. Other common vehicles used by unscrupulous advisors are Ponzi schemes, self-directed IRAs and unregistered securities.
Enforcement actions associated with “free-lunch” seminars also more than doubled and those with misuse of professional credentials nearly doubled between 2009 and 2010.
Gorman
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Retirees convicted of beating up their financial adviser
These are some of the most brutal and thuggish old folks we’ve ever heard of, don’t you think?
http://news.bbc.co.uk/2/hi/europe/8583222.stm
Should I laugh or cry?
Barney
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Financial Abuse Rampant Among Elderly
If a financial advisor notices something out of the ordinary that could indicate an elderly client is being financially abused, he has a duty to report it to the proper authorities, say experts in finances and care of senior citizens.
http://www.fa-mag.com/fa-news/11346-financial-abuse-rampant-among-elderly.html
Hope Rachel Hetico RN MHA
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