Financial exploitation of vulnerable adults is a serious and often unreported problem. A recent study found that 1 out of every 5 individuals over the age of 65 have been a victim of financial exploitation. The same study found that there was approximately $6 billion dollars in losses or attempted losses incurred by victims of senior financial exploitation. In addition to depleting investors’ savings, it has been reported that the mortality rate of financial exploitation victims is three times higher than those whom have not been exploited.
With that being said, there are ways to avoid and stop vulnerable Iowa investors from becoming victims of financial exploitation. House File 839 was passed in 2021 to provide tools to industry professionals that will assist in detecting, responding to, and preventing financial exploitation of vulnerable Iowa investors. The law also created a new full-time position to investigate reports of suspected financial exploitation received from broker-dealers and investment advisers.
Use the following tools to learn more.
Report a suspected case of senior financial exploitation to the Iowa Insurance Division.
Learn about the Iowa senior financial exploitation law, definitions, and considerations.
Learn about training requirements for qualified individuals and training opportunities.