Criminal Case Highlights Need for Vigilance to Limit Elder Fraud

A man’s granddaughter and her husband were recently ordered by a Tennessee county judge to repay the senior roughly $700,000 after stealing precious metals and other items from his home. It is a reminder not just of how much aging Americans can stand to lose from elder abuse, but also that other types of crimes such as life insurance and annuities fraud can be perpetrated by people in a position of trust.

Jacquelyn and Ronnie Reihl, Jr. were ordered to give a full accounting of what they took from Ms. Reihl’s grandfather, Thomas McGinnis. His attorney told the Marion County News that “this is the worst case I have seen of elder abuse in my 35 years of practice.” Unfortunately, recent studies indicate that loved ones and trusted advisers are just as likely to perpetrate financial crimes against senior citizens as people with no relationship to the victims.

It is important for family members and retirees themselves to keep an eye on financial investments and other opportunities to ensure that they are accurately represented and will not cause undue harm to a senior’s nest egg. Recent complaints filed by annuities fraud lawsuit attorneys allege that companies failed to advertise that their products contained risky investment vehicles including mortgage-backed securities, for example. In other instances, financial advisers failed to warn their clients that there would be significant fees in either signing up for an annuity or opening a new life insurance policy.

At a time when many are still struggling after the financial meltdown, seniors are often seen as an easy target because of their relative understanding of complex financial instruments and their relatively significant assets compared to other adults. Whether through the sale of unnecessary products or ones that do not match the risk profile they advertise, the prospect of annuities fraud remains a constant threat for unwitting aging Americans.

If you or a loved one think that you have been duped by financial advisers, you may be able to pursue damages and get back some of the money you lost. Find out whether or not you are eligible to do so by getting a free legal consultation with one of our partner annuities fraud lawsuit attorneys. One is available to those who fill out the form at the Life Insurance, Annuities Fraud Class Action Lawsuit Investigation, where potential plaintiffs can also learn more about what legal options they may have.

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