S.C. A.G. Wilson Applauds Passage of New Law to Combat Financial Exploitation of the Elderly and Other Vulnerable Adults
Vulnerable adults in
This new law grants financial institutions, including banks, broker-dealers, and investment advisers, the ability to delay a financial transaction if there is reasonable belief that financial exploitation of a vulnerable adult is taking place. The delay will give the
"Seniors and vulnerable adults are often the targets of financial fraud and abuse, which is why my office strongly supported this legislation," said Attorney General Wilson. "Financial services professionals are uniquely positioned to spot the red flags of financial exploitation, and this new law gives the financial industry another tool to help intercede on behalf of our State's most vulnerable." Attorney General Wilson also thanked the legislature, the governor, and the
Senate Bill 425 was introduced in the
The Bill had broad support from public interest groups and financial institutions, including
Other provisions of the legislation include exempting financial institutions and their employees from liability fter placing a hold and reporting to
If you believe you or someone you know has been the victim of investment fraud or misconduct, the
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