Seniors tend to own their homes and have strong credit and ample savings, according to the FBI. They’re also less likely to report fraud and tend to be less familiar with technology.
Thanks to a settlement this week, FINRA has punished just one known individual associated with a 2015 product-pushing case in which JPMorgan admitted it breached its fiduciary duty to clients nationwide: a whistleblower.
Whenever small investors have been pitched a financial product that promised to enrich them with little effort or expense, historically the smart response has been to turn and run.