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In the News

Help stop financial abuse of seniors

by Natalie MacLellan on June 15, 2010

in Fraud Prevention, In the News

Did you know that June 15 is World Elder Abuse Awareness Day?

Senior Abuse (or elder abuse) is any action or inaction which endangers the health or well-being of an older individual. Senior abuse can take many forms. One of the most devastating and costly forms of senior financial abuse — investment fraud — is often carried out by trusted financial advisers or even family and friends.

Seniors are increasingly targeted by con artists using investment pitches, often in a place the senior believes to be a safe setting like church, a social club, or through supposedly educational “free lunch” seminars.

Help seniors spot and stop financial abuse and exploitation by knowing what to look for and who to call for assistance. Call the Nova Scotia Securities Commission (or your local securities regulator) if you believe that you or someone you know may be the victim of financial abuse or exploitation through an investment scam.

Help stop senior abuse in all its forms. The following resources from the government of Nova Scotia may be of assistance:

Senior Abuse Line: 1- 877- 833- 3377

Call the Senior Abuse Line for information or to talk about a situation of abuse. Your call will be kept confidential.

Police: 911 for emergencies only

Abuse may be a crime and fall under the Criminal Code. Call your local police station for information or to report abuse. If the situation is an emergency or if it could be dangerous, call 911.

Adult Protection: 1- 800- 225- 7225

If you know of a senior in need of protection, call Adult Protection Services at the Department of Health. Adult Protection workers can intervene and offer services to help those in need of protection.

Protection of Persons in Care: 1- 800- 225- 7225

Report known or suspected cases of abuse in a licensed health facility (such as a nursing home, residential care facility, or hospital) to the Protection of Persons in Care office at the Department of Health.

For general inquiries related to senior abuse or to talk about a situation of abuse, you can also e-mail stopelderabuse@gov.ns.ca.

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$ NEED MONEY $
Do you have a locked in pension plan
from an ex-employer (LIRA) or (LIF)?
3 easy ways to help.
Call 1-866-XXX-XXXX

A suspicious advertisement similar to the one above has been circulating Atlantic Canada regarding locked-in Registered Retirement Savings Plans (RRSP) such as Locked-In Retirement Accounts (LIRA) and Life Income Funds (LIF).

The ad offers to help persons in need of money to access funds from locked-in pension plans with ex-employers. To do so, investors must pay fees and qualify for loans. Unfortunately, rather than providing funds as promised, the persons behind the ad could be taking investors’ money and disappearing, leaving previously cash strapped persons in an even worse financial situation.

The unlocking of RRSP and pension funds is strictly regulated provincially under the Pension Benefits Act and federally by the Canada Revenue Agency. Before responding to advertisements offering to assist with obtaining funds from locked-in RRSPs, investors are cautioned to first seek professional advice, perhaps from a lawyer or accountant, or the Canada Revenue Agency in order to ensure the offer is legitimate.

Also, if you have questions about an investment that seems fishy, you can also contact the Nova Scotia Securities Commission.

March is Fraud Prevention Month – remember to always check before you invest.

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Commission issued $632,500 in administrative penalties in 2009

February 1, 2010

In its effort to protect Nova Scotian investors and capital markets, the Nova Scotia Securities Commission investigated 67 complaints and issued $632,500 in administrative penalties in 2009.
The commission concluded nine cases against 10 defendants that included one disclosure violation, six cases involving registrant misconduct, and two cases of conduct not in the public interest.
These figures [...]

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