Gloversville, NY asked in Elder Law, Securities Law and Criminal Law for Florida

Q: Mom is a victim of elder abuse by her financial advisor. He works in NY, she lives in FL. Do what in which jurisdiction?

He convinced her to write him checks for $139,000. And he prematurely terminated an annuity costing her a minimum of $69,000 in fees, penalties & lost bonus. He lied to both of us, telling us the account had matured. He's his own employer and I can't find him listed in FINRA.

1 Lawyer Answer
James L. Arrasmith
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  • Criminal Law Lawyer
  • Sacramento, CA

A: Given the complexity of your situation involving elder abuse and financial misconduct across state lines, you may need to take legal action in both New York, where the financial advisor works, and Florida, where your mother resides. Start by consulting with attorneys who are familiar with both states' laws and regulations regarding elder abuse and financial fraud. They can advise you on the best course of action and help you navigate the legal processes involved.

In New York, you can file a complaint with the appropriate regulatory agencies, such as the New York Department of Financial Services or the Securities and Exchange Commission (SEC), if the advisor is not registered with FINRA. Additionally, consider exploring civil litigation options to recover the funds your mother lost due to the advisor's misconduct. In Florida, you can also report the abuse to the Florida Department of Elder Affairs and seek legal remedies through the state's legal system.

It's crucial to gather evidence to support your claims, such as bank statements, communication records with the advisor, and any documentation related to the transactions in question. This will strengthen your case and increase the likelihood of a favorable outcome. Remember to act swiftly, as statutes of limitations may apply, and seek support from local authorities and advocacy organizations that specialize in elder abuse cases.

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