Seniors many times live
solitary and isolated lives, which makes them ripe targets for scammers and fraudsters
to gain their confidence by becoming their new constant "friend" which can
lead to any combination financial abuse. As our baby boomers in our families are reaching the age of retirement, they will be become the focus of attack of these opportunistic fraudsters. The common thread in all Ponzi schemes is greed, they offer "results to good to be true" and greed blinds people.
We must be active participants in our family members financial decisions. If you are not personally qualified to do the job, then hire a trusted financial advisor. There are many good financial professionals in your area, attorneys, CPAs, CFPs that could help you and your elders in your family analyze the "wonderful offers" being made to your family members.
Today I will share a sad story that was released in the month of December where an Amarillo-based property management and insurance company selling
securities has swindled $6.7 million from about 100 investors, most of
them elderly.
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