Brokerages May Be Getting More Tools to Protect Older Clients

En español | A securities industry group recently proposed changes to how brokers and their firms handle accounts in an effort to protect older consumers and vulnerable clients against fraud. Investment firms have been increasingly concerned about the financial exploitation of older clients, particularly those who might suffer from dementia or other cognitive impairment. But many firms say they’re limited by regulations governing just how much they can intervene. Currently, regulations require firms to protect a client’s privacy, so firms …

Helping to End Poverty, One Person at a Time

“What does the world need me to do?” When Mark Bergel, 51, asked himself that question, his answer was to start A Wider Circle, a nonprofit in Silver Spring, Md., that provides everything from furniture to job training and clothing to support those in need. Now, 13 years later, Bergel, who serves as the organization’s executive director, is on a mission: End poverty in America. As I sort and fold donated baby clothes in the organization’s huge warehouse, Bergel, a 2014 CNN …

Brooke Astor’s Grandson Tells Senate Panel of Financial Abuse

The Senate Special Committee on Aging held one of its periodic hearings on financial abuse of older people the other day, this time inviting a relative involved in one of the more spectacular headline-making cases in recent years to testify. The grandson of socialite Brooke Astor, who blew the whistle on his father for plundering millions from his grandmother’s estate, told the Senate panel Wednesday that his grandmother’s greatest legacy may be the national attention focused on elder financial abuse. “While my grandmother …

Baby It’s Cold Outside

Hard to imagine in the context of last month’s 88 inches of snow in Cowlesville, N.Y., but the Energy Information Administration (EIA) predicts that this winter will be warmer than last. With a warmer winter comes less heating fuel consumption by households, lower prices because of reduced overall demand for heating fuel, and lower energy bills. AARP analysis of EIA projections also shows that older households can expect lower heating bills; households heating with fuel oil and propane will fare …

States’ Role in Limiting Inappropriate Use of Antipsychotic Meds in Nursing Homes

As nursing homes have moved away from using physical restraints, there is evidence that some institutions are substituting antipsychotic medications to sedate residents with behavior problems. Why is this a dangerous and inappropriate practice? Inappropriate use of antipsychotic drugs by nursing homes exposes elderly vulnerable people to increased risk of falls, delirium, stroke and death. In 2011, the Department of Health and Human Services inspector general testified before the Senate Aging Committee that antipsychotic drugs were being prescribed in “violation of …

Senate Panel Holds Hearing on Scams Aimed at Seniors

By Kristin Keckeisen, Fraud Watch Network campaign manager Finally, some much-needed attention to the long-running grandparent scam. The Senate Special Committee on Aging held a hearing on July 16th as part of an ongoing series highlighting fraud’s devastating impact on seniors. Among the witnesses: an 81-year-old Ohio resident who lost more than $7,000 to a con artist impersonating his grandson. The grandparent, or “family emergency,” con is simple – and effective. Scammers troll obituaries and social media sites to glean personal …