Todd Harvey was a guest on the morning show “Talk of Alabama” on Birmingham’s ABC 33/40 on November 15, 2017. During his segment, the subject of elder financial fraud and abuse was discussed. There are three types of elder abuse: crimes of occasion, where abuse occurs when a wrongdoer seizes an opportunity; crimes of desperation, which usually involved a family member who is desperate for money; and crimes of predation, where the perpetrator establishes a relationship of trust and then intends to cause financial distress. Crimes of predation can also be perpetrated by a financial advisor. Key warning signs of financial abuse by a financial advisor include strong recommendations of products that do not seem to make sense for your needs; fraudulent or unauthorized withdrawals from your account; or a sudden change in your financial situation.
Harvey also discussed steps you can take to avoid being taken advantage of and the next steps to take if you have become a victim of fraud. Our free eBooklet, “Elder Financial Fraud and Abuse,” is available for download HERE or for more information, call Burke Harvey, LLC, at (205) 881-0555.