If this year is anything like last, baby boomers and older Americans should be on guard this holiday season. Instances of financial abuse and fraud against the elderly increased from November 2010 to January 2011, according to a recent report from MetLife, which found overall investment fraud targeted towards older Americans is on the rise.
Americans over the age of 65 lost nearly $3 billion to financial abuse from April to June 2010, up 12% from the same period in 2008, according to the report. During that time, 51% of the fraud cases reported were perpetrated by strangers, 34% by family, friends and neighbors and 12% by businesses.
But in a separate look at the holidays, MetLife reports fraud by family and friends increased to 45%.
With the baby boomer generation reaching retirement age and comprising 25% of the U.S. population, financial investment fraud is becoming a bigger and more problematic issue facing the country.
The North American Securities Administrators Association found the number of criminal complaints and enforcement actions at the state level against investors 50 years or older more than doubled in 2010 from 2009, reports The Wall Street Journal. And state security officials expected the number of enforcements actions for fraud against that same age group to hit a record this year.
Not only are the boomers older and more vulnerable, but “they tend to have more assets that they tend to rely on to live out through retirement years,” says Raj Date, Special Advisor to the Secretary of the Treasury and acting head of the Consumer Financial Protection Bureau. This combo makes them a more “attractive pray for would be scammers.”
By JIM DANKO
A worker died Dec. 20 in an accident at a business near Gainesville, Ga., following an explosion, according to the Gainesville Times. The accident happened as a result of a malfunctioning piece of equipment used to clean filters at MyCelx Technologies Corp., the newspaper reported.
A Gainesville fire official told the newspaper that a chemical solution created the explosion. He said it was similar to a gas build up on a grill that burst into flames when it is lit.
The worker’s name was not immediately released, pending notification of relatives. The man is from India and his relatives had not been notified, according to accessnorthga.com.
Fatal auto accidents kill more than 92 people every day across America. The statistics are just as startling in many states. In 2009, auto accidents resulted in the deaths of 1,256 people in Pennsylvania, 1,021 in Ohio and 356 in West Virginia. Those figures are less than they were in 2005. But during the same four-year period, the financial impact of a fatal auto accident skyrocketed nationwide.
What would your family do if you lost a loved one in a fatal auto accident? How would you pay your bills? What if your insurance company refused to cooperate? Should you file a wrongful death lawsuit? Questions often lead to more questions. See : Personal Injury Lawyer West Virgina
You need an experienced West Virginia fatal auto accident attorney in your corner. You need Recht Law Offices. Serving clients in West Virginia, Pennsylvania and Ohio, our West Virginia fatal auto accident attorneys have dedicated their careers to helping families figure out the best course of action. We understand how confusing auto accidents can be for people. Knowing what’s the right thing to do can be terrifying. Allow us to be your guide. Contact a West Virginia fatal auto accident lawyer who puts people first. Contact Recht Law Offices.
Child sexual abuse ranks among the most horrific of all crimes. When allegations of child sexual assault surfaced at Penn State University, many in Pennsylvania were shocked. Jerry Sandusky, an once revered assistant football coach, was charged with abusing eight boys over a 15-year time period. Sandusky denied the charges, but said he did shower with the boys.
While Sandusky is innocent until proven guilty, in general child predators who are convicted tend to receive lengthy prison sentences. For the victims, the assault may cause deep psychological trauma in addition to physical injuries. While no amount of money can truly undo the damage of a sexual assault, victims may need compensation for real financial losses. The only recourse for many victims of sexual assault is to retain a personal injury lawyer. By pursuing compensation through the civil courts, or a child sexual abuse lawsuit, victims may be able to receive compensation to cover the costs of psychiatric care or psychological care. Sadly, many victims may require a lifetime of therapy in addition to needing to address physical injuries.