Reduce The Risk of Elder Abuse and Financial Fraud

iStock_000013042003Smallby Lisa Collins, QC, TEP | Oct 6, 2014

It was recently confirmed by the BC Securities Commission that Vancouver Island mutual fund salesman David Michaels committed over $65 million in fraud over the course of 3 years involving victims with an average age of 72 years. Seniors are a particular segment of the population that is growing increasingly susceptible to all kinds of fraud, deception and intimidation.

Unfortunately, this type of abuse can even be committed by the senior’s care workers, neighbours, friends and even family members. The Canadian Foundation for Investor Affairs, FAIR Canada, an investor advocacy group, recently reported that Canada desperately needs a national strategy to combat financial fraud. In addition, an increase in the aging population of Canada has given rise to the growing fields of Elder and Guardianship Mediation and prompted the first ever comprehensive study of elder and guardianship mediation in Canada. An online copy of the report can be found here at The Canadian Centre for Elder Law.

However, seniors aren’t the only vulnerable segment of the population. According to Fair Canada, one in ten Canadians report having invested in what turned out to be a fraudulent scheme. If you are a business owner and/or part of a high net worth family, chances are that your financial affairs have become increasingly complex over the years. Perhaps you take extended time away from your normal place of residence, have age related concerns or health issues or you have been entrusted with Power of Attorney or Committeeship for an aging or infirm member of your family. These situations and more warrant the benefit of trusted third party oversight to ensure that your financial situation isn’t compromised.

We here at Lisa Collins Law Corporation are committed to ensuring that the wealth you have worked hard to create is protected. Seeing a need for trusted, professional oversight, we recently developed a structured, systemized and supervised program called PrimeAssure. This program provides peace of mind, ease and financial clarity to address the details created by complex financial matters and is just one of the many resources available to protect and inform you.

We encourage you to access the resources provided here and to contact us for more information on how to further protect yourself.