Financial Fraud Against Seniors in New Mexico Faces New Adversaries – Doctors

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The state of New Mexico has initiated the Elder Investment Fraud and Financial Exploitation Prevention Program that will train medical professionals to spot financial fraud against the elderly, the associated press reports.

The program seeks to train doctors, nurses and staff to spot signs of financial fraud, so they can refer patients to state regulators and other social services.

“State Securities Department spokeswoman Bernice Geiger says it’s important to involve doctors because they’re in a position to know which patients might be susceptible to scams.”

A potential drawback of the program is that doctors and health professionals spend “only a limited amount of time with patients, and their focus is medical care.” Mexico Medical Society president Dr. Lynn Bryant said.

It may be difficult for someone without direct knowledge of a person’s finances to spot signs of financial fraud, but it is possible. Elderly patients have relationships with their doctors and some may be comfortable discussing finances along with their health.

When financial professionals encourage clients to invest in risky ventures that devalue their assets OR act without the client’s knowledge, it is referred to as securities fraud or stockbroker fraud. In some cases, securities or stockbroker fraud victims may be able to recover some or all of their losses.

Your willingness to learn more and dig beneath the surface might mean recovering some of your losses and perhaps prevent your broker or advisor or firm from defrauding someone else.

If you or someone you love has been harmed through securities fraud, you may be entitled to compensation. Fill out the form on this page or call Sokolove Law today at 877-490-6522 for a free case evaluation.