California Lawmakers Target Senior Fraud

May 4, 2006

A recent mail order investment scam bilked some $10 million out of Southern California seniors and is just one of many instances of a rising trend. California seniors are being targeted for senior fraud at a much higher rate than any other demographic, statistics have shown. The California State Department of Corporations said that fraud against seniors is one of the top scams in the state and is one that many government officials are working hard to stop.

Because the government has not stopped the flood of scams, however, an experienced senior fraud law firm can also be employed in the fight against them. Criminal Defense Partners are a group of former prosecutors that have years of experience handling fraud cases throughout Southern California. Because we work solely for our clients if you or a loved one has been the victim of senior fraud our law firm can help you recover your losses.

Senior citizens are being targeted throughout California for a variety of reasons. Primarily many of them have excellent credit and own houses that have appreciated significantly since they initially bought them. Seniors are often more unaware of schemes or scams, especially those involving credit or the Internet.

Scam artists usually work over long periods of time, developing a relationship either by phone, email or in person. Once their trust is established the person or company will ask the senior for an investment or other monetary deposit for some reason. Once the money has been transferred the bogus company disappears and the people behind them leave the area or start new companies.

Senior citizens have been giving up entire lifetimes of savings accounts in order to invest in these fraudulent schemes. Some of the more frequently occurring scams involve people who promise unheard of returns on big investments, as high as twenty percent in just a few months. Some of the investors who pull out early are paid off with money from others who want to keep their money in longer, in the hopes of getting a better pay off.

Wayne Strumpfer, head of the California State Department of Corporations has promised a renewed effort against scam artists who target seniors and defraud them of millions of dollars each year. Strumpfer also stated that his office is targeting companies and individuals who are posing as religious groups as well.

Despite the efforts of these government groups, scam artists continue to defraud millions of people each year. Our law firm can help you seek not only criminal charges but civil charges as well. This ensures that while the senior fraud perpetrator is put behind bars they will also pay their victims back. Contact a California senior fraud attorney at our office today for a free consultation.

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