SEC Commissioner Elad L. Roisman highlighted several agency initiatives designed to protect older investors.
At a 2019 meeting of the Elder Justice Coordinating Council ("EJCC") Mr. Roisman explained that the SEC works to combat fraud against older investors by:
- coordinating efforts with experts internally and externally to identify the specific types of fraud;
- providing public alerts and bulletins through the SEC's Office of Investor Education;
- publishing reports on elder financial exploitation;
- researching signs of fraudulent schemes conducted by broker-dealer and advisory accounts;
- charging individuals who try to defraud elderly investors (see previous coverage); and
- educating elder investors on potential types of fraud.
Commentary Conor Almquist
In his remarks, Commissioner Roisman emphasizes the SEC's ongoing efforts to protect elder Americans. The SEC's focus on combating elder exploitation is shared by the DOJ, CFPB, FTC and many other governmental and law enforcement entities. Firms should be attuned to these efforts, which they can support by ensuring that suspected cases of elder exploitation are reported to appropriate authorities and by establishing and enforcing policies and procedures to assess suitability of trading in elderly customer accounts and monitor for the perpetration of fraudulent schemes on customers with diminished capacities.
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