A bill designed to protect the elderly from financial abuse is heading to the U-S Senate. It’s sponsored by Missouri Congresswoman Ann Wagner.
She says financial exploitation of older adults is a growing problem: “Sadly, about one in five senior investors falls prey to financial fraud and those investors lose an estimated $2.9 billion annually in reported cases.”
Wagner’s bill would require the Securities and Exchange Commission to provide recommendations to Congress on how to protect elderly and vulnerable adults from being exploited financially.
It would also allow investment companies to delay the redemption period of any security held by an elderly or vulnerable person if there’s reasonable belief that the redemption request was obtained through exploiting or manipulating the person in question.