A Minnesota law that took effect Wednesday gives brokers and financial advisers some new tools to report suspicious activity tied to the accounts of potentially vulnerable seniors. The Safe Seniors Financial Protection Act lets advisers delay certain financial transactions while they investigate, and it makes the process to reporting suspicious activity easier and clearer. Supporters say the law changes are crucial in the ongoing fight against elder fraud. Nationally, nearly one in five Americans older than 65 have been “taken advantage of financially” either through inappropriate investment, high fees or outright fraud, according to a 2016 poll for the Investor Protection Trust, a Washington, D.C.-based nonprofit. Some studies estimate that older Americans are defrauded of at least $3 billion each year. That number is expected to grow as more of the Baby Boomer generation phases into retirement.
Source/more: MPR News