Tennessee Securities Division Helps Fight Elder Financial Abuse

Thursday, October 06, 2016 | 12:53pm

NASHVILLE –The Tennessee Department of Commerce & Insurance’s Securities Division (TDCI) joined other state regulators and members of the North American Securities Administrators Association (NASAA) today in offering training to broker-dealers and investment advisers to help identify and report suspected elder financial abuse. 

The “Senior$Safe” training program, which was created by the NASAA, is a comprehensive session that will help Tennessee securities professionals better recognize and report financial abuse in order to help protect elderly investors. The training is part of a national Senior$afe training initiative across the U.S. by regulators.

“Tennessee’s licensed broker-dealers and investment advisers play key roles in helping stop the potential financial exploitation and financial abuse of vulnerable investors,” said TDCI Assistant Commissioner Frank Borger-Gilligan. “We want them to learn ways they can help stop financial exploitation before someone’s grandfather or grandmother is swindled out of the monies he or she worked a lifetime to save.”

The Senior$afe training session was held as part of Senior$afe Training Week (Oct. 2-8). The session was held in the Davy Crockett Tower at 500 James Robertson Parkway. 

To help investors, TDCI offers the following tips that senior investors should always consider asking before making an investment:

  • When a stranger asks for money, proceed with caution. Swindlers will exploit your good manners.
  • Before you invest, make sure your investment adviser is licensed. Extensive background information is available by contacting TDCI’s Securities Division.
  • Beware of salespeople who prey upon your fears. Fear can blind your good judgment. Only invest when you have all the facts and feel comfortable.
  • Don’t let embarrassment prevent you from reporting fraud or abuse. Every day that you delay reporting fraud or abuse is one more day that the con artist is spending your money and finding new victims.

If you suspect that you might be a victim of securities or insurance fraud, or if you would like to file a complaint or speak with an investigator, please contact the Tennessee Securities Division – Financial                                                                                    
Services Investigations Unit at (615) 741-5900. To file a complaint online, visit /commerce/article/securities-file-a-complaint.