Retirement Scams Go Beyond Annuity Fraud

Seniors are often in a vulnerable position. They are at risk for a variety of retirement scams.

Here are some situations that annuities fraud class action lawsuit attorneys and others dedicated to protecting seniors financially see on a regular basis:

• Annuities fraud occurs when seniors and the elderly are pushed into buying a variable annuity or similar product even when it would have no benefit to them. According to reports of a Minnesota criminal case, two investment advisers were charged after getting receiving commissions for selling these products to an 89-year-old man, among others.

• Tax return fraud is a growing cash cow for criminals and is one of the more pernicious retirement scams because it relies on seniors’ respect of government. A nefarious character will either file a fake return using an older American’s Social Security number to obtain a fraudulent refund, or falsely represent themselves as an Internal Revenue Service agent and force the senior to pay an phony fine that ends up in the con artist’s pocket.

• Fake charities and the “Grandparents’ Scam” also rely on seniors’ generally trusting nature. Police officers have found that scammers say they are collecting money for bulletproof vests or other needs, yet simply keep the money. They have also seen retirement scams in which someone imitates a grandchild who needs bail money or a similar situation and asks for money to be wired to them.

Unfortunately, many older Americans don’t speak up either due to embarrassment or not understanding that they have been defrauded. This can limit the possibility of a class action lawsuit even though some criminals can bilk dozens or even hundreds of seniors. Still, legal options are available. For many seniors, speaking up about wrongdoing like variable annuity fraud and other crimes may seem difficult. But it is more important now than ever to stand up for your rights and help prevent others from getting taken advantage of.

Join a Free Annuity Fraud/Life Insurance Class Action Lawsuit Investigation

If you or your loved were told that a life insurance policy or annuity was an appropriate investment and it did not turn out as promised, you may need to have an investment fraud lawyer review the policy, the payments and the potential benefits. You may be surprised at what they find, and you may even qualify for financial compensation beyond what the policy promised.

Submit your information to a skilled investment fraud lawyer for a free review of your case. You will not be charged, and any consultation is free. Submit your information now!

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