Earlier this year, the Financial Industry Regulatory Authority panel awarded a senior investor $1.6 million in an elder financial fraud case involving a California company.

The company, Stock Cross Financial Services Inc. had been accused of financial misconduct. The senior citizen alleged that the company recommended unsuitable and highly risky investment opportunities. Besides, Stock Cross encouraged the plaintiff to leverage the equity in his home and invest the capital.

The fraud was continuous, and left the citizens with almost nothing left to defraud. Stock Cross and its officers managed to relieve the senior of almost all his assets, including his emergency and medical cash reserves, the equity in his home, and even the money received by the insurer to replace his car.

The Financial Industry Regulatory Authority panel has awarded the senior citizen $320,000 in compensatory damages. He has also been awarded $960,000 in elder abuse damages, $234,000 in legal fees, as well as other costs.

San Francisco elder financial fraud lawyers find that senior citizens are often victims of all kinds of fraudulent schemes. Most often these schemes involve fraudulent sales of securities. Very often, such fraud involves unsuitable recommendations or fraudulent advice made to the senior citizen, over trading, misrepresentation, and failure to diversify investments. Besides, brokers may give poor advice about employee stock options. Senior citizens may also be at risk of financial abuse through the sale of unsuitable variable and other deferred annuities. They may also be susceptible to pension fund fraud, mismanagement of funds, negligent supervision and brokerage malpractice.

In order to prevent abuse, it's important that senior citizens keep themselves updated on the state of their finances and their portfolio regularly. Keep a lookout especially closely for any loss of income or savings, or any poor investments.