If you’re elderly and you are not sure how to be in charge of your finances, you may have put your trust in another person – in some cases, this person can betray you. Let’s see how using a security fraud attorney can avoid any issues and legal matters that can arise from putting your financial matters into the wrong hands!
What is financial fraud? Here are the 5 most common types of financial fraud and how securities fraud can help you!
First off, what is financial fraud? Simply put, financial fraud is a type of scheme, plan, and or effort of someone else to get you to unwisely invest, spend your money, or waste your money on investments, products, and services that end up benefiting the other person. If someone is trying to get you to invest in Business A, and it is a bad investment, but they benefit from the money, this is a fraud. Make sure you keep an eye on fraudulent schemes when it comes to opening new accounts, investing in new currency methods, and using risky stock and bond investments. Check out the local state laws and federal laws about listing compensation for the money you have lost after being a victim of financial fraud!
If you are still confused as to what financial fraud is, this is the simple definition – financial fraud is when someone uses misleading tactics, deception, lies, and coercion to make you use unwise business and financial decisions. By harming your financial state and your current situation, these unfair businessmen are causing you financial strain and mental health harm.
One of the most common types of financial fraud that you can be the victim of – especially as an elderly person who is not well-versed in online methods or the internet – is identity theft. Your securities fraud attorney can help you prove your identity and get your money back by working with you and figuring out how this occurred. This is one of the most common and well-known types of fraud, since it happens when a person uses another individual’s information – to either get money, apply for credit cards, get money from their bank accounts, or invest. If you find that your identity has been stolen, this is typical because a criminal wants to invest in other crimes and commit further types of fraud.
● A securities fraud attorney can help you before this event happens to you! If you are worried about investment and identify fraud, then a security fraud attorney can help you protect your information and provide you with guidance to follow – make sure you avoid using your personal information on the internet or giving it to other people, such as your social security number and bank account number. Furthermore, use strong password-protected items on your website and computer to avoid an easy hacking target.
The second most common type of investment fraud that you can be the victim of is embezzlement. If you are the owner of a business – even if you are retired and your young son or daughter took over the family business – you will still be the owner. In this case, you might be the victim of white-collar crimes. In this case, you might have given someone the funds and the power to do business-related items with the money they are being given.
However, you may find that the person you entrusted with your hard-earned business is now spending these assets and money on inappropriate measures or personal reasons. If they are spending the majority of business funds on extravagant dinners, cars for their own use, and other non-business-related expenses, this is a type of property theft.
● A securities fraud attorney can help provide you with guidance and information regarding how to avoid this happening to you! If you are concerned about embezzlement, speak with your securities fraud attorney about learning how to fully get any new potential employers or bosses at your job, carry out background checks, and block access to funds from employees.
Another type of investment fraud that can occur between you and your funds is tax fraud. This is one of the most common types of fraud and is, unfortunately, common in elderly individuals who need someone else to do their taxes for them. If the hired person – or a relative, friend, or spouse – does the tax return and lies on the information regarding how much money was made in assets and money paid, then this is considered tax fraud. If you falsify your return to the IRS and you are not telling the truth about the money you are making and the assets you have, this is cheating the government.
● A securities fraud attorney can make sure that this never happens to you! They will teach you how to hire a professional who can do your taxes. Furthermore, the securities fraud attorney will help you with information regarding tax filing deadlines and avoid using incorrect documents.
Credit card fraud
Another common type of fraud that you can fall victim to is an elderly person’s credit card fraud. Since credit cards are widely used in today’s society, with the ease of use and their high credit limits, it is not uncommon for people of all ages to walk around and use credit cards for payments of all sizes.
● A securities fraud attorney can help you if you have lost your credit card and you do not know what to do. Furthermore, they can help protect your credit card and payment by giving you the best ways to password protect devices, use private WiFi, and keep your banking information safe and not in plain view of other users in public spaces.
The last common type of investment fraud crime that we are dealing with includes insurance fraud. This is a very multi-faceted approach to taking someone’s information and getting their money – this occurs when a person typically tries to get something that is not rightfully theirs. If an elderly person has another person in charge of their finances, this can mean that their loved one, friend, or professional is trying to get more from their accounts than is legally ethical. If they are trying to get more money from the insurance company after something happens to the elderly person, such as they died, injury, or even a fake death, this is a serious crime.
● A securities attorney can help protect you from any false insurance claims by ensuring the professional you hire to deal with your insurance is upstanding and well-meaning. These securities fraud attorneys can help vet insurance agents and make sure that you confirm the insurance coverage with the insurance provider before you sign anything.
As you see, using a securities fraud attorney is key to being able to protect yourself from various types of crime that can happen with insurance, embezzlement, and credit cards!