Tag: fraud

Businessman carrying white mask - business fraud and faking concept

Two Morgan Stanley investment advisers agreed last week to plead guilty to stealing nearly $500,000 in a set of schemes that took particular aim at their elderly or retired clients, the U.S. Department of Justice charged. One client is in his mid-80s. Multiple allegations detailed in the federal complaint demonstrate the creative ways that trusting…

Smiling woman eating green apple.

Abstract Financial fraud is a major threat to older Americans, and this problem is expected to grow as the baby boom generation retires and more retirees manage their own retirement accounts.  We use a unique dataset to examine the causes and consequences of financial fraud among older Americans.  First, we find that decreasing cognition is…