Financial Advisor Sued By Client For Financial Exploitation of the Elderly

Probate and Guardianship lawyers know that financial exploitation of the elderly is, unfortunately, happening throughout South Florida. There are both civil and criminal remedies for Financial Exploitation in Florida. Financial Exploitation is taken very seriously in Palm Beach courts. It is important to be aware of financial exploitation so that it doesn’t happen to you, or a loved one who may be suffering from Alzheimer’s or Dementia. Many times, the elderly are exploited by someone who is close to them and that they trust. That person may have a fiduciary duty with the victim or even be a family member.  What is a fiduciary duty? Does a financial advisor have a fiduciary duty to his client?

• A Florida financial advisor has a duty to advise their clients fairly and in the best interest of the client.
• What is a fiduciary duty?
• Probate lawyers and estate planning attorneys know that these duties are among the most serious, most important and highest duties found in the law.
• In Pogoda v. Golan, a 78 year old widow sues her long time financial advisor for breach of fiduciary duty, fraud, financial exploitation, negligence, and negligent misrepresentation.
• She claimed that he made recommendations that caused her to lose money, yet enriched him via commissions.
• Therefore, he intentionally advised the client for the benefit of himself, while causing the client to financially suffer.
• The jury found for the elderly woman on all five counts.
• To read the entire article, click here.