Dad’s hopes for huge financial gains came up empty and he lost every penny of the money that he ‘invested’. Yes, my Father was the victim of elder financial abuse. Worse still, he was victimized right under our noses!
A financial marketer for investing in IPOs had been contacting my Dad for years to gain Dad’s trust. Well, trust, a shady (but legal) investment deal and the word ‘yes’ from my Dad finally intersected.
A critical mass of sorts had been reached. The financial IPO marketer had gained my father’s trust. And my Dad’s dementia had progressed far enough for Dad to freely commit to a bad deal with this now ‘trusted’ advisor. I honestly don’t know why I didn’t realize that there was a need to intervene. But, I guess the fact neither of my parent’s had told us that Dad had been suffering from dementia for some years had something to do with it!! Of course, nor did they tell us that over time that with dementia Dad’s judgement would likely become impaired. Without this knowledge I thought that Dad was just ‘playing along with’ the marketers like he had been for years instead of ‘being played by’ them. The tables had turned.
Let me tell you some of the things to look out for:
- Constant phone calls with offers to invest in IPOs (or other investments)
- Pre-paid overnight delivery mailers arriving at home with a pre-paid overnight return envelope for ‘your check’
- The marketer gets to be on a ‘first name’ basis with your elderly loved one
- The marketer refers to your elderly loved one as Uncle xxx or Aunt xxx as if they were a part of his family
- Your family keeps ‘heath status’ changes a secret
- Dementia, Alzheimer’s or cognitive diseases run in your family
I know that had Dad’s judgement been ‘normal’ he would have never ‘fallen for’ one of the IPO deals. So, do keep your eyes and ears open.
Don’t let the collision of aggressive IPO investment marketing and cognitive impairment meet at your family’s front door.
About Jane Nowak, CFP® – MoneyGal2020
Jane Nowak is a Financial Planner with a focus on Women’s Retirement and Financial Planning for Women. Located in NW Atlanta suburbs Jane’s goal is to educate and empower women to take control of their daily finances so they can fully fund their retirement dreams and needs. Jane has recently had articles published or been quoted in articles published on-line at NASDAQ, Womenetics.com, Fox Business News, Smart Money Chicks and Financial Planning Association websites.
Securities offered through Triad Advisors, Inc. Member, FINRA/SIPC