Haselkorn & Thibaut, P.A., operating as Investment Fraud Lawyers, represents investors who have been betrayed by the very people they trusted to protect their financial future. Our partners are former Wall Street defense attorneys. They spent years inside the system that enables financial exploitation. Now they use that insider experience to fight for the victims — and elder financial exploitation is among the most damaging forms of investment fraud we see.
The numbers are staggering. The FBI’s Internet Crime Complaint Center (IC3) reported that victims aged 60 and older suffered $7.7 billion in total losses from cybercrime and fraud in 2025 — a 59% increase from the prior year. The average loss per senior victim was $38,500. More than 12,400 seniors lost over $100,000 each. Investment fraud accounted for $4.5 billion of those elder-specific losses. The AARP found that adults 50 and older lost $4.3 billion to fraud in 2025, nearly double the $2.3 billion lost by younger adults.
These figures reflect reported losses only. Research suggests that for every case of elder fraud reported to authorities, dozens go unreported — out of shame, confusion, or fear of losing independence.
How Financial Exploitation Targets Older Investors
Table of Contents
| Statistic | Value | Source |
|---|---|---|
| Total cybercrime losses, victims 60+ (2025) | $7.7 billion | FBI IC3 2025 Annual Report |
| Average loss per senior victim | $38,500 | FBI IC3 2025 Annual Report |
| Seniors who lost over $100,000 each | 12,400+ | FBI IC3 2025 Annual Report |
| Elder-specific investment fraud losses (2025) | $4.5 billion+ | FBI IC3 / AARP |
| Adults 50+ total fraud losses (2025) | $4.3 billion | AARP |
| FTC elder fraud baseline (ages 60+, 2024) | $2.4 billion | FTC 2024 Report |
| YoY increase in senior cybercrime losses | 59% | FBI IC3 2025 Annual Report |
Exploitation of older investors takes many forms, but several patterns appear repeatedly in the cases we handle.
Variable annuity switching. A broker recommends selling an existing annuity to purchase a new one, generating a commission for the broker while imposing surrender charges and tax consequences on the investor. When variable annuities are placed inside IRAs or 401(k) accounts, they provide no additional tax benefit but generate substantial fees for the broker.
Free-meal seminar pitches. Investment seminars hosted at restaurants or community centers pressure seniors into opening accounts with the presenting firm. These events are sales presentations, not educational workshops. They consistently promote high-commission products.
Penny stock and speculative recommendations. Brokers steer retirees into unsuitable penny stocks or speculative positions that generate trading commissions but expose the investor to catastrophic loss. The accounts are churned until the retirement balance is depleted.
Power of attorney abuse. A family member, caregiver, or advisor uses a power of attorney to redirect assets, open new accounts, or make unauthorized transfers. In many cases, the senior was unaware that the power of attorney had been obtained or used.
SEC and FINRA Enforcement Actions in 2026
Federal and self-regulatory enforcement against elder financial exploitation has intensified. Recent actions illustrate the scope and methods of fraud targeting older investors.
| Enforcement action | Defendants / Subjects | Dollar impact | Key facts |
|---|---|---|---|
| SEC v. Rubbo and Monaco | Anthony Rubbo, Christopher Monaco | $5.4 million raised; $2.6 million+ misappropriated | Raised funds from 11 elderly investors through unregistered penny stock promotions; part of Miami Regional Office initiative charging 23 repeat offenders |
| Vincent J. Camarda (SEC / guilty plea) | Vincent J. Camarda, Long Island advisor | $160 million in total investor losses | Long-running investment fraud scheme; Camarda pleaded guilty April 2026 |
| Safeguard Metals LLC / Jeffrey Santulan | Jeffrey Santulan, Safeguard Metals | $51 million+ consumer relief | High-pressure sales targeting 450+ elderly investors; markups of 51-71% on precious metals and coins; investors liquidated retirement accounts to purchase overpriced metals |
| Keith M. D’Agostino / Aegis Capital Corp. | Keith M. D’Agostino, Aegis Capital | $25,000 fine; 2-year suspension; $1.8 million in customer losses | Steered retirees into unsuitable penny stocks; 22 customer complaints since 2022; 15 settled for $5.6 million combined |
These cases share a common thread: the perpetrators exploited the trust and vulnerability of older investors. In the Safeguard Metals case, the firm operated a call center dedicated to pressuring retirees into liquidating conservative portfolios for overpriced precious metals. In the Rubbo and Monaco case, the defendants targeted seniors with penny stock promotions, raising $5.4 million while misappropriating more than $2.6 million.
Red Flags Family Members Should Watch for
Elder financial exploitation often progresses gradually. The following warning signs warrant immediate investigation.
– Uncharacteristic transactions in brokerage or bank accounts, especially large or frequent withdrawals
– New accounts opened at unfamiliar financial institutions without clear explanation
– Sudden changes to estate planning documents, including wills, trusts, or power of attorney designations
– A new advisor, caregiver, or family member who insists on being present during all financial conversations
– Unpaid bills or tax notices despite sufficient assets to cover them
– Investment recommendations that are clearly unsuitable for the investor’s age, risk tolerance, or income needs — such as speculative penny stocks or complex structured products in a retirement portfolio
– Free meal invitations, seminars, or “educational” workshops that are actually sales presentations
– A financial professional who discourages the investor from consulting with family members or other advisors
The SEC’S Elder Fraud Initiative
The SEC’s Miami Regional Office has taken a particularly aggressive stance. Its recent initiative charged 23 repeat offenders who targeted elderly investors, reflecting a coordinated enforcement push. SEC Enforcement Co-Director Steven Peikin stated that the defendants “defrauded investors by stealing millions of dollars from elderly investors.”
The SEC has filed 26 enforcement actions in the past two years explicitly targeting elder financial exploitation — including unsuitable recommendations, unregistered offerings, outright theft, and manipulation schemes aimed at investors over 60.
FINRA has also strengthened its rules. FINRA Rule 2165 permits broker-dealers to place a temporary hold on disbursements from accounts belonging to investors 65 and older when there is a reasonable belief of financial exploitation. This is a useful early-intervention tool, but it is voluntary, not mandatory — brokers are permitted, not required, to place holds.
Why Elder Fraud Cases Require Specialized Counsel
Elder financial exploitation cases present challenges that general litigation does not. The victim may struggle to recall events clearly or to testify at length. The defendant often argues that the transactions were authorized. Financial records may be voluminous, and the offending advisor may have moved firms or left the industry entirely.
Our experience on the defense side taught us how firms prepare for these cases. Brokers are coached to document “authorization” — email confirmations, signed forms, recorded calls that frame unsuitable recommendations as client-driven decisions. We know how to counter that narrative.
We also understand the psychological dynamics at play. Many older investors are ashamed to report fraud. They blame themselves. They fear that acknowledging the loss will mean a loss of independence. Our approach is confidential, compassionate, and focused on recovering funds without compounding the trauma.
Statute of Limitations Concerns
Elder exploitation cases are time-sensitive. FINRA arbitration claims generally must be filed within six years of the event giving rise to the claim. State securities laws vary — some provide two or three years from discovery, others from the date of the violation. The longer the fraud goes unreported, the harder it becomes to document and prove.
Delays also compound the financial damage. An exploited account continues to generate losses through ongoing unsuitable investments, excessive fees, and missed market gains. Early intervention can mean the difference between partial recovery and total loss.
How We Pursue Elder Fraud Recovery
We handle elder financial exploitation cases on a contingency basis. Our fee is a percentage of the recovery, and we advance all costs. If we do not recover funds, the client owes nothing.
Our process begins with a confidential review of brokerage statements, account agreements, and correspondence with the advisor. We identify unsuitable recommendations, unauthorized transactions, and breaches of fiduciary duty. We then file a FINRA arbitration claim or pursue court action as appropriate.
Our partners’ experience defending Wall Street firms means we anticipate the other side’s arguments before they make them. We know which documents brokerage firms retain, which records they destroy, and which defenses they prepare. That knowledge allows us to build a claim that addresses the respondent’s likely counterarguments before they arise.
If you or a family member has experienced financial exploitation by a trusted advisor, contact our office at 1-888-885-7162 for a free, confidential consultation. Time matters in these cases — the sooner we review the situation, the stronger the potential claim.
