June 15, 2009 CSA Securities

Vancouver - 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 investment.

The CSA urges anyone who suspects or knows of an investment fraud to report it to their local securities regulator. This link will open in a new window Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.

The CSA website (www.securities-administrators.ca This link will open in a new window) 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 This link will open in a new window
• Boiler Room Scams: Could you be vulnerable? This link will open in a new window
• Protect Your Money: Avoiding frauds and scams This link will open in a new window
• Know the Red Flags of Investment Fraud This link will open in a new window

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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