Following is a bit of data and related information that is certainly germane to several of our central practice areas at the Arkansas law firm of Robertson, Oswalt, Nony & Associates. We serve diverse clientele from across the state out of multiple offices in different locales, and pass along some details from a recent media focus on investment scams that we believe might be interesting to many readers.
In doing so, we reasonably believe that it is closely relevant to some essential estate administration considerations (e.g., the need to timely plan and to protect select loved ones from material financial mistakes).
And there is no question that it speaks directly to debt-related concerns that could bring stark downsides, including, in some cases, the need to file for bankruptcy protection.
Here’s a telling statistic: the Consumer Financial Protection Bureau estimates that close to one in five individuals in the “65 or older” demographic nationally has been financially exploited in some manner by unscrupulous “advisers” and fraudulently operating businesses.
Readers who might not think that is overly alarming or that it equates to an especially high number might simply want to extrapolate. Seniors comprise many scores of millions of Americans. A reported 17% of them losing money in bogus scams is a concern of unquestionably high magnitude.
And what is equally concerning, note researchers from AARP, is that it is not a frail and uncertain elderly individual who is most often being fleeced. Rather, and in legions of instances, it is an older man who actively pursues investment ideas and is willing to take some risk in unregulated investments to score a profit.
That can constitute a “mark” for scam artists in Arkansas and elsewhere hyping various types of “can’t miss” opportunities.
The problem, of course, is this: Those opportunities do, indeed, often miss.
And when they do, material misfortune can result, which links directly to debt-related issues that can be flatly dire for some individuals and families.
It is a truism to say that family members and concerned friends must seek to be proactively aware of financial ruses that might well be targeting a loved one who is susceptible to fraud.
Arkansas residents with questions or concerns regarding any debt-related matter might reasonably want to contact a proven bankruptcy attorney for advice and, when necessary, legal assistance.