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Kander Announces New Website to Help Protect Seniors from Fraud
Jefferson City, Mo. — Secretary of State Jason Kander today announced a new website that will help protect Missouri’s senior investors from financial fraud. The website provides training and resources on financial exploitation and allows broker-dealers to easily file a Notice of Concern with the Missouri Securities Division when they suspect financial exploitation may be taking place.
“Our Senior Savings Protection Act and the resources provided on this website will go a long way in the fight against senior financial exploitation,” Kander said. “My office is dedicated to helping seniors protect themselves from fraud when choosing how to invest their hard-earned savings.”
In 2015, Kander partnered with Senator Eric Schmitt (R-Glendale), Representative Jay Barnes (R-Jefferson City), industry professionals and advocates to pass the bipartisan Senior Savings Protection Act, which gives broker-dealers more tools in the fight against abuse of seniors and persons with disabilities.
The law authorizes the authority of broker-dealers to notify certain parties of potential financial exploitation and refuse a disbursement of funds from a brokerage account for up to ten days. Under the law, brokerage firms may notify close relatives, Missouri Department of Health and Senior Services and the Securities Division of suspected financial exploitation. Filing a notice with the Securities Division will trigger an investigation by the division and DHSS.
"The Senior Savings Protection Act is a great step in providing better protections for some of our most vulnerable citizens who live with dementia,” said Carroll Rodriguez, Vice President for Public Policy of the Alzheimer’s Association, St. Louis Chapter. “I thank Secretary Kander for his leadership in empowering financial professionals to voice their concerns and delay fund disbursement to protect at-risk Missouri seniors."
The Act was the result of a joint, bipartisan effort between the Missouri Securities Division, brokerage firms, lawmakers, DHSS and various advocacy organizations across the state. A report from Kander’s 2014 Senior Investor Protection Symposium can be found here:
The website is http://www.sos.mo.gov/securities/SSPA.