PSC recognizes World Elder Abuse Awareness Day

Financial fraud against seniors estimated to cost $2.9 billion annually

HARRISBURG, Pa., June 15, 2012 /PRNewswire-USNewswire/ -- The Pennsylvania Securities Commission today released a resolution recognizing June 15 World Elder Abuse Awareness Day noting that financial exploitation is often a hidden form of harm inflicted on senior citizens.  The resolution also reiterated the commission's commitment to protecting the elderly.

"Elder abuse comes in many forms – physical, financial, emotional, neglect or abandonment – and often several types of abuse will be inflicted at the same time," said Pennsylvania Securities Commission (PSC) Chairman Bob Lam.

The Pennsylvania Securities Commission has taken a lead role in fighting the financial abuse by focusing on education and prevention.

"While World Elder Abuse Awareness Day provides a good platform to discuss these issues, the PSC works year round to protect the elderly here in Pennsylvania," Lam said.  In this past year alone, the PSC has hosted four Investment Fraud Bingo events to teach seniors about "red flags" when investing; three senior educational conferences, 45 senior expo events, 55 speaker presentations and five television interviews. These events have reached 16,800 Pennsylvania seniors.

These events help educate seniors of the many types of securities fraud including fraudulent investments, unregistered products, theft of funds or products sold by an unlicensed adviser or broker. To help identify investment fraud and abuse, the PSC is offering three customized resource kits: one aimed at adult children caring for their parents; another for doctors and health care professionals who see older adults on a regular basis; and a third for adult protective services workers who work on the front lines of elder abuse.

Studies show that for every case of elder abuse identified, another four cases go unreported. Of the abuses, financial exploitation is the most common and costs victims an estimated $2.9 billion a year.

"Financial losses through investment fraud scams can be devastating," PSC Commissioner Steve Irwin said. "Those who lose their life savings suffer a physical and emotional toll as well as a financial toll. They may become fearful, develop health issues, become depressed and even consider suicide. It's imperative that financial abuse be reported promptly to the proper authorities."

"Investors and caregivers are urged to 'investigate before investing' by calling the Pennsylvania Securities Commission at 1-800-600-0007 to verify if the product and person selling it are registered and/or licensed and if there have been any complaints," said PSC Commissioner Vince Gastgeb.

Securities or investment fraud should be reported to the Pennsylvania Securities Commission at 1-800-600-0007. Other types of elder abuse should be reported to the Pennsylvania Department of Aging's statewide elder abuse hotline at 1-800-490-8505 or to local authorities. To order your resource kit at no cost, contact Christina Kotsalos, Investor Education Coordinator at the PSC, at [email protected] or 1-800-600-0007 (call 717-787-8062 outside of PA).

SOURCE Pennsylvania Securities Commission (PSC)