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Post by Guru Debunker on Mon Jan 06, 2014 1:38 pm

How to avoid financial scams targeting seniors

By Kelley HollandJanuary 4, 2014 7:00 AM


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Financial fraudsters have long preyed on the elderly. But with roughly 10,000 Americans turning 65 every day, the elderly population is growing so quickly that instances of financial fraud affecting the elderly are becoming ever more common. 

Kathleen Rehl, a certified financial planner and the author of "Moving Forward on your Own: A Financial Guidebook for Widows," remembers all too well the time a financial fraud hit someone close to her.



She was visiting her elderly aunt, Eileen Richey, who she said lived "a very moderate lifestyle." On this visit, Richey asked Rehl to look at an investment she had made. Rehl smelled trouble, and when she saw what it was, she realized something was seriously amiss.


"She said, 'Well, I bought Iraqi dinars (Exchange:IQDUSD=)," Rehl recalled. Apparently her friend's nephew, whom she described as "such a nice young man," had told Richey and others about this can't-fail investment opportunity. Richey knew her CDs were yielding very little, so when they matured, she handed over several thousand dollars to buy dinars-"a huge amount for her," Rehl said. 

Not surprisingly, the dinars never materialized. The last time Richey tried to call the nephew, she got no answer, and there was no answering machine


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Post by Daox13 on Mon Jan 06, 2014 2:51 pm

golden rule.. never buy more then you can afford.... I don't blame her... she was mislead.. but people being mislead and money being made usually go hand and hand.

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