NEW YORK-BASED OVERCHARGING ATTORNEYS

Serving Elder Clients Nationwide

At Weltz Law, we understand that elder clients are in a special position when it comes to investing. Having worked for most of their lives, they now have more money than their younger counterparts for purchasing securities. However, it is no secret that financial elder abuse is rampant. Targeted because of their vulnerability, some parties take advantage of elderly clients by deliberately overcharging them for goods and services. What’s worse is that elders are often overcharged by parties they have come to trust.

If you or a loved one have been the victim of overcharging, please do not hesitate to seek legal help from the knowledgeable legal professionals at the firm. We possess over 50 years of combined experience in securities litigation and can assist you with claiming the compensation you are entitled to.

Why Elders Need to Be Aware of Overcharging

Overcharging cases do not have to be on a large scale or complicated. It can be something as simple as a recurring credit card payment that has already been canceled or being charged more for a product or service than its actual price. Although some may think that being overcharged for a small sum is insignificant, the numbers can really add up over time, especially when compiled nationwide.

According to a 2019 report by the Consumer Financial Protection Bureau, over $6 billion in assets owned by elderly clients are suspected to have been involved in fraudulent activity from 2013 to 2018. The worst part is that among elders aged 70 to 79, the average loss proved to be higher if the victim knew the suspect.

Overtrading / Account Churning

When it comes to investing, elders can be the victims of overtrading, also known as account churning. Overtrading occurs when a financial firm or broker makes excessive, unnecessary transactions on the client’s behalf in order to earn a commission.

Very often, these investments turn out to be “unsuitable” with the client’s investment profile, which a violation of FINRA’s Rule 2111. Even if a transaction is suitable in isolation, overtrading means that when viewed as a whole, the multiple unnecessary transactions that have been made are deemed unsuitable because they do not align with the client’s investment goals.

We Are Here To Discuss Your Overcharging Case

Unfortunately, there is very little that can be done to eradicate overcharging and overtrading altogether. However, seniors should take some precautions when it comes to their financial activity, such as setting up automatic payments for bills to ensure that any additional charges are immediately noticeable. If you are a senior and suspect you have been a victim of overcharging or overtrading, please do not hesitate to get in touch with a securities attorney at our firm to get the assistance you need immediately. When you choose our firm, you can enjoy peace of mind knowing that our attorneys will fight tirelessly on your behalf. Contact us today.