Eric Lanigan and Roddy Lanigan work with many clients who have been ripped off in terrible investment scams. Many times, the victim in these crimes is a senior who is lonely, needs to make money after investment losses in the stock market or in real estate. They meet someone who claims to be a financial advisor and who preys on a senior when they are alone, lonely and will divulge information to the new acquaintance.
Top 5 Situations Scammers Will Look For:
1. Fear: When scammers recognize fear in an prospective victim about the financial market, investing, losses or the future they will exploit it. They’ll see an opening and will focus on the things that they know will illicit fear and an ensuing emotional response.
The older investor has seen ups and downs of the market and if they become relaxed and share the investment challenges they’ve had with a scammer, that weakness will be heightened.
The scammer will begin telling the senior what they want to hear, asking questions to probe past spending, trying to find out what they have in various accounts.
They ask for amounts, account numbers, banking information, everything that they can in the first meeting to appear as if they’re ready to do business.
Any unwillingness on the part of the senior will be criticized or challenged. They’ll push the senior for the amount of money available for investing is the ultimate goal.
2. Loneliness: Scammers look for an opening will use many tactics to ask about the senior’s family. When was the last time they called you? Do they visit? Do you visit them? Do they help you? Do they call you? How often do you get letters from them? When will you see them again?
The scammer’s questions will prey on loneliness and fear to get as close to the targeted senior as possible.
When asking questions, they’ll listen attentively, agree, nod and tell the target that they understand and will do all that they possibly can to turn things around.
3. Desperation: Any time a senior target admits to needing a quick turnaround on an investment, they are opening themselves to exploitation.
Being honest is a generational issue. While a senior may tell the truth feeling that they’re providing necessary information, this will help the scammer to know more, quickly.
4. Investment Losses: Long-term investments are safe and sure, but many seniors have lost money on real estate in Florida and the many dips that the stock market has had over the last 10 years.
This throws off the idea that long-term is best. While not true in every case, seniors grew up in an era when this was often the case.
Because of bad long-term investments they’re more willing to risk more in short-term investments.
If a scammer asks for a large amount of money for a very high return in a short period of time, a senior may not be as hesitant to
5. New Investments: If a senior says they’ll try anything and they’re open to new investment opportunities then they’re opening the door to a scammer.
The scammer will look for desperation, fear, loneliness, recent losses. Then they’ll offer a new investment opportunity something the senior will know nothing about.
If you have a loved family member who is living in Florida alone or with a spouse and who you know is vulnerable to the kindness of strangers, who is trusting and who has also experienced investment losses, talk with them.
Make sure that the company handling their investments and retirement funds is legitimate, and that they are very cautious not to talk to anyone they don’t know about their finances.
If you have a parent, a relative or a family friend who you fear has been taken advantage of, don’t sit back and wait to see what comes of it. Take action.
Contact Eric Lanigan to go after a person who has taken or ripped off a senior in an investment scam. Eric has been defending those who have lost money in bad investments or who have been exploited by cunning criminals, having practiced law in Florida since 1976.
Investment losses and scams against seniors are very common in Florida. Meet with Eric in his Winter Park Florida office by calling 407-740-7379.