Senior Investment Fraud Victim Nets $75,000 in Restitution
By John Curran
Seniors trying to obtain a legal remedy after being the target of investment fraud often rely on the civil court system, but in Florida, one man was able to get some of his money back after his former financial adviser returned it as part of a plea deal.
According to a report in the Sarasota Herald-Tribune, Joe Forrest lost hundreds of thousands of dollars as a result of Paul Arnold’s actions, though it is unclear from the report exactly what financial instruments he bought under the advice of Arnold. A jury awarded him more than $700,000 after efforts by his senior fraud lawsuit attorney, and Arnold’s former employer has paid Forrest $40,000.
The benefit of having the former financial adviser facing criminal charges is that it speeds up the remuneration process. Arnold still owes at least $100,600 as part of the plea bargain. Any repayment will help Forrest who is currently paying bills and for medical needs with Social Security and two other annuities.
Shaky financial instruments and life insurance fraud are a significant problem for seniors like Forrest who may not have realized what was happening in conversations with advisers. According to a recent survey, roughly half of these attacks on retirement savings come from strangers. A lack of familiarity with a salesperson who may make a substantial commission and promises of great returns can cause significant problems.
One of the reasons behind this growth in annuities is the significant reduction in the availability of pensions that guarantee ongoing payments. Annuities are one way to offset that loss, but as seniors like Forrest have learned, not all of them provide the same performance guaranteed in advertisements. Even more concerning, the survey noted that roughly one-third of senior fraud schemes are perpetrated by family members or friends in what should be a trustworthy environment.
If you or someone you know has faced problems with financial instruments and/or life insurance fraud, you may be able to get some legal redress depending on the facts of your potential case. The first step is to determine your eligibility with the help of an investment fraud lawyer. Get a free consultation with one at the Life Insurance, Annuities Fraud Class Action Lawsuit Investigation today.
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