VANCOUVER, June 15 /CNW/ - The Canadian Securities Administrators (CSA)
is recognizing World Elder Abuse Awareness Day on June 15 by urging Canadians
to be aware of, and report, financial abuse involving seniors.
Elder abuse relating to finances may appear in a variety of forms: an
investment offered to a senior might be an outright fraud, or it could be a
legitimate investment product that is unsuitable for the senior's
circumstances. Problems involving securities can also include theft of funds
or products sold by unregistered sales representatives.
"Financial losses through investment fraud and unsuitable investments can
be devastating for anyone," said CSA chair, Jean St-Gelais. "However, seniors
living on a fixed income or limited savings have a more difficult time
recovering from financial loss."
A 2007 CSA study found that victims of investment fraud experience
negative effects on their physical and mental health. Fraud victims in the
study reported higher stress levels, increased feelings or displays of anger,
depression, and feelings of extreme loss or isolation, as well as physical
effects such as panic or anxiety attacks.
The CSA encourages all seniors to investigate every investment
opportunity before they give someone their money. Seniors should also consider
seeking out independent, third party advice if they are unsure about an
The CSA urges anyone who suspects or knows of an investment fraud to
report it to their local securities regulator. Reporting potential scams may
help prevent other seniors from becoming victims of investment fraud.
The CSA website (www.securities-administrators.ca) provides important
information about investing that can help seniors, their families, and their
caregivers recognize and avoid investment scams. These include:
- Scam Artists Pursue Adults Over 50
- Boiler Room Scams: Could you be vulnerable?
- Protect Your Money: Avoiding frauds and scams
- Know the Red Flags of Investment Fraud
The CSA, the council of securities regulators of Canada's provinces and
territories, coordinates and harmonizes regulation for the Canadian capital
For further information:
For further information: Carolyn Shaw-Rimmington, Ontario Securities
Commission, (416) 593-2361; Sylvain Théberge, Autorité des marchés financiers,
(514) 940-2176; Mark Dickey, Alberta Securities Commission, (403) 297-4481;
Ken Gracey, British Columbia Securities Commission, (604) 899-6577; Ainsley
Cunningham, Manitoba Securities Commission, (204) 945-4733; Wendy
Connors-Beckett, New Brunswick Securities Commission, (506) 643-7745; Natalie
MacLellan, Nova Scotia Securities Commission, (902) 424-8586; Barbara
Shourounis, Saskatchewan Financial Services Commission, (306) 787-5842; Janice
Callbeck, Department of the Attorney General, Prince Edward Island, (902)
368-6288; Doug Connolly, Financial Services Regulation Div., Newfoundland and
Labrador, (709) 729-2594; Fred Pretorius, Yukon Securities Registry, (867)
667-5225; Louis Arki, Nunavut Securities Office, (867) 975-6587; Donn
MacDougall, Northwest Territories Securities Office, (867) 920-8984