Seniors Victims Lose Average of $140,500 to Financial Abuses

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Seniors Victims Lose Average of $140,500 to Financial Abuses

Aug 22, 2012

Lured in by the promise of free lunches, big-cash prizes and high-yield investments, seniors are losing big money to bogus financial schemes and bad advice.

On average, seniors who become victims of financial abuse lose an estimated $140,500, according to a survey of 2,649 [CFP® professionals] conducted by the nonprofit organization Certified Financial Planner Board of Standards.

More than half of the [CFP® professionals] surveyed said they have worked with a senior – or multiple seniors – who has been a victim of "unfair, deceptive or abusive practices," such as misleading marketing schemes and other scams that end up draining their bank account. Read more >

CNN Money
Blake Ellis
August 22, 2012

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