Our recent cases involve elder financial exploitation, unauthorized transfers, broker misconduct, and institutional failures, pursuing recovery under elder-abuse statutes, FINRA rules, and arbitration proceedings nationwide.
Elder Financial Abuse Attorneys
New York, California, and Nationwide Representation
- If you are searching for an elder financial abuse attorney in New York or California, you may be concerned that a bank, brokerage firm, financial advisor, caregiver, or digital platform failed to protect an elderly account holder from financial exploitation. Elder financial abuse often occurs quietly, escalates quickly, and leaves families facing devastating losses while institutions deny responsibility.
- MDF Law represents elderly individuals and their families in New York, California, and nationwide in matters involving elder financial abuse, exploitation, and institutional misconduct. We pursue claims under state elder-abuse statutes, consumer protection laws, securities regulations, FINRA rules, common-law causes of action, and arbitration procedures when disputes are forced out of court.
Understanding Elder Financial Abuse
- Elder financial abuse occurs when an older adult is deprived of money, property, or financial resources through deception, coercion, undue influence, or neglect. As financial services and technology platforms become more complex, seniors are increasingly targeted by schemes that exploit trust, isolation, diminished capacity, or unfamiliarity with digital systems.
- In many cases, the harm is not limited to an individual scammer or caregiver. Losses are often compounded when banks, brokerage firms, investment advisors, or platforms fail to act on obvious warning signs, permit suspicious transactions, or disregard safeguards intended to protect elderly customers. Our elder financial abuse attorneys focus on identifying both the exploitation itself and the legal responsibility of institutions whose failures allowed it to continue.
Elder Financial Abuse Claims Under New York Law
- New York has a large and growing senior population and a concentration of banks, investment firms, and financial advisors. Although New York does not have a single standalone civil elder-abuse statute comparable to California’s, meaningful civil claims are available under New York law.
- Depending on the facts, elder financial abuse claims in New York may arise under New York General Business Law § 349 (deceptive acts and practices), breach of fiduciary duty, negligence, conversion, unjust enrichment, aiding and abetting fraud or breach of fiduciary duty, and violations of banking and securities regulations. Financial institutions and advisors operating in New York may face liability when they ignore red flags of exploitation, allow repeated suspicious transactions involving elderly customers, or fail to follow internal escalation and reporting procedures designed to protect vulnerable account holders.
California Elder Financial Abuse Law and Civil Remedies
- California provides some of the strongest civil remedies in the country for victims of elder financial abuse. The California Elder Abuse and Dependent Adult Civil Protection Act expressly addresses financial exploitation of elders and dependent adults and allows civil actions for the wrongful taking, retention, or misuse of an elder’s property.
- Under California law, financial abuse may occur when property is taken for a wrongful use, through undue influence, or with intent to defraud. Liability is not limited to individual wrongdoers. Financial institutions, advisors, businesses, and platforms may be held accountable when they participate in, facilitate, or fail to prevent exploitation—particularly when warning signs are apparent. In appropriate cases, the statute permits enhanced remedies, including recovery of attorney’s fees and costs, making it a powerful tool for accountability.
FINRA Rules and Senior Investor Protections
- When elder financial abuse involves brokerage accounts or registered representatives, FINRA’s senior-investor protections are critical. FINRA’s senior exploitation rules recognize the heightened risk of exploitation faced by older adults and impose specific obligations on firms.
- FINRA Rule 4512 requires firms to make reasonable efforts to obtain a trusted contact person for an account, enabling outreach when exploitation is suspected. FINRA Rule 2165 permits firms, in appropriate circumstances, to place temporary holds on disbursements from accounts of specified adults when there is a reasonable belief of financial exploitation, while the firm investigates and escalates concerns. In addition, FINRA’s supervisory rules, including Rule 3110, require firms to maintain and enforce systems designed to supervise activity and respond to red flags.
- Failures to comply with these duties—such as ignoring suspicious trading or transfer requests, failing to escalate concerns, or declining to use available protections—may expose firms to liability. Our elder financial abuse attorneys evaluate whether brokerage firms complied with FINRA’s senior-investor rules and whether failures contributed to an elder’s losses.
A Consumer Arbitration and Consumer Protections
- The American Arbitration Association Consumer Arbitration Rules are designed to protect individual consumers bringing claims against large companies, including many headquartered in New York and California. These rules limit consumer filing fees, require businesses to pay most arbitration costs, and impose due-process standards governing arbitrator selection, hearings, and evidence.
- Despite these protections, companies frequently push the boundaries of the AAA rules or rely on consumers’ unfamiliarity with arbitration procedures. Our consumer arbitration attorneys regularly enforce AAA consumer protections and ensure that arbitration proceedings remain fair, transparent, and compliant.
Financial Institutions and Institutional Liability
- Elder financial abuse frequently involves institutional failure. Banks, brokerage firms, cryptocurrency exchanges, and financial platforms may face liability when they process unauthorized transactions, ignore repeated irregular activity, or continue allowing transfers despite clear signs of exploitation involving elderly account holders.
- Claims against institutions may arise under elder-abuse statutes, consumer protection laws, securities regulations, negligence theories, and aiding-and-abetting principles, depending on the jurisdiction and facts. When institutions profit from transactions while failing to protect vulnerable seniors, they may be held accountable for resulting losses.
A Plaintiff-Focused Consumer Arbitration Practice
- MDF Law represents consumers only. We do not defend banks, cryptocurrency exchanges, brokers, or technology companies, and we do not advise corporations on drafting arbitration clauses or compliance strategies. Our practice is built around representing individuals in New York, California, and nationwide who have suffered financial harm and were forced into arbitration as a condition of doing business.
- As consumer fraud attorneys and consumer arbitration attorneys, we approach arbitration with a clear focus on accountability, fairness, and recovery.
Forced Arbitration in Elder Financial Abuse Cases
- Many elder financial abuse disputes are governed by mandatory arbitration clauses contained in bank agreements, brokerage contracts, or platform terms of service. Families are often told that arbitration prevents meaningful recovery.
- As experienced arbitration attorneys, we represent elder abuse victims in AAA consumer arbitration and FINRA arbitration, including cases involving banks, brokerage firms, and investment advisors. Arbitration does not eliminate liability. Elder financial abuse claims may still proceed under applicable state laws and arbitration rules designed to protect consumers, including seniors.
Plaintiff-Focused Representation for Seniors and Families
- MDF Law represents victims of elder financial abuse and their families only. We do not defend banks, financial institutions, investment firms, or technology platforms, and we do not advise corporations on compliance or risk management.
- Our elder financial abuse attorneys approach these matters with sensitivity to the emotional and financial impact exploitation has on seniors and their families, while aggressively pursuing accountability through all available legal avenues.
Nationwide Representation with New York and California Focus
- Although many elder financial abuse cases arise in New York and California, financial institutions and technology platforms operate nationwide. Arbitration clauses and account agreements often require disputes to be resolved in national forums.
- We represent clients across the United States in elder financial abuse matters, with particular experience handling claims involving institutions regulated or headquartered in New York and California.
When to Contact an Elder Financial Abuse Attorney
- If you believe an elderly family member has suffered financial exploitation, it is important to act promptly. Families often delay contacting an attorney because they are unsure whether elder-abuse laws apply or whether arbitration limits recovery.
- An early, confidential review can help determine which state laws apply, whether arbitration is required, how FINRA’s senior-investor rules may factor into the case, and what steps should be taken to protect remaining assets.
Speak With an Elder Financial Abuse Attorney
- If you or a loved one has been the victim of elder financial abuse, you do not have to navigate the process alone.
- MDF Law represents seniors and families in New York, California, and nationwide in matters involving elder financial abuse, exploitation, and institutional misconduct. Contact us to speak with an elder financial abuse attorney about your rights and potential options.
Our Recent Cases
Contact
- New York Office 28 Liberty Street New York, New York 10005
- California Office 1902 Wright Place, Suite 200 Carlsbad, CA 92008
- 800-767-8040