Personal Finance: Ask the Experts: Beware of financial scams targeting seniors

Personal Finance: Ask the Experts

Get advice on money matters from The Bee's Claudia Buck and a panel of local experts

June 16, 2012

Beware of financial scams targeting seniors

Elder financial abuse. It's not new, but it's getting renewed attention.

Last week, the state Department of Corporations urged Californians to be aware of investment fraud and other financial scams targeting seniors. It's also got a great resource, "Seniors Against Investment Fraud" (SAIF), which outlines scams and financial fraud targeting those over 50. Download it here.

Also jumping into the elder abuse arena is the Consumer Financial Protection Bureau (CFPB), created by Congress in 2010 following the country's mortgage meltdown. According to the CFPB, Americans age 60 and over lost at least $2.9 billion to "financial exploitation" in 2010, often by family members.

To get a handle on the problem, it's asking for the public's comments on:

Types of "unfair, deceptive or abusive practices" aimed at seniors

Details on fraudulent "senior certifications" and other pseudo-financial designations

How adults check the authenticity of a financial advisor's credentials

Available resources on elder fraud, including those aimed at military retirees

If you'd like to submit your comments, the deadline is August 13. Go to the CFPB website or call (855) 411-2372.

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Claudia Buck is The Sacramento Bee's personal finance columnist. Read all her columns here. Contact her at cbuck@sacbee.com

Terri Carpenter

Terri Carpenter offers advice on job hunting, retraining and career counseling. Carpenter works at Sacramento Works Inc., the career and job training arm of the Sacramento Employment and Training Agency (SETA). With 15 years in the field, she has hands-on experience with everyone from first-time job seekers to career professionals seeking advice after a layoff or looking for a mid-career change. Ask her a question.

Carlena Tapella

Carlena Tapella is a partner in the law firm of Webb & Tapella Law Corp. in Sacramento. The firm specializes in estate planning and probate, such as estates, trusts, conservatorships and litigation. She is a past president of the Sacramento County Bar Association's Estate Planning & Probate Section. Ask her a question.

Kimberly Foss, certified financial planner, is the founder of Empyrion Wealth Management in Roseville. With nearly 30 years in the financial industry, her clients include women in transition, small business owners, retirees and "pre-retirees." Ask her a question.

Gregory Burke, a CPA and tax expert with John Waddell & Co. in Sacramento since 1984, worked as an IRS tax auditor for six years. He’s a past chairman of the California Society of CPAs. Ask him a question.

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