Wall Street Wants Backup To Fight Fraud Targeting Seniors

Law360 (February 5, 2019, 9:15 PM EST) -- Despite widespread support for prosecuting people who prey on the piggy banks of aging Americans, Wall Street often feels alone in its efforts to thwart financial crimes against seniors, attorneys said at a Tuesday conference hosted by the industry's leading trade group.

Compliance officers from banks, investment firms and broker-dealers at the Securities Industry and Financial Markets Association conference in Manhattan lamented what they say is scant assistance, when investigating financial fraud on seniors, from local law enforcement agencies with higher priorities and customers reluctant to admit they were scammed.

James Wrona, longtime associate general counsel at the Financial Industry Regulatory...

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