New Podcast Episode Shares the Helpline’s Stories of Protecting Seniors and Vulnerable Investors

WASHINGTON: FINRA marks this month the 10th anniversary of the FINRA Securities Helpline for Seniors, an important resource for seniors and vulnerable investors that has assisted in recovering more than $9.3 million for investors as of Dec. 31, 2024.

FINRA launched the Helpline on April 20, 2015, to provide senior and vulnerable investors with access to specially trained FINRA staff who can assist them with questions or concerns about their brokerage accounts, investments and other matters. Senior investors or other individuals can call the toll-free Helpline (844-57-HELPS or 844-574-3577) and talk with a live, experienced analyst.

As of Dec. 31, 2024, the Helpline:

• Fielded more than 32,000 calls from all 50 states and Washington, D.C., and several countries, including Canada, the United Kingdom, Barbados, Australia, Thailand and the Netherlands as well as countries in Africa and the Middle East. Most of these calls come directly from seniors, with an average age of 70.
• Made more than 2,750 referrals to state, federal and international regulators for matters beyond FINRA’s jurisdiction, as well as more than 560 referrals to state Adult Protective Services.

The Helpline’s success depends in large measure on the commitment of FINRA’s member firms to address concerns relating to senior investors. In some situations, member firms proactively reach out to Helpline staff to share concerns and discuss possible courses of action for senior customers facing potential financial exploitation. Many member firms have established designated points of contact to work with Helpline staff to streamline the resolution of investor issues.

“Protecting our investors has always been at the forefront of our organization. It's part of our mission statement,” Elizabeth Yoka, manager of the Vulnerable Adults and Seniors Team (VAST) Intake, said during a FINRA Unscripted podcast episode (a transcript is provided).

In recent years, the Helpline has increasingly received calls about potential romance, confidence, imposter and crypto asset scams. For example, a senior investor and his daughter called about a potentially unsuitable variable annuity recommendation, which led to a member firm returning $507,000 in principal investment and $8,000 in interest. A different senior investor called about what turned out to be a computer takeover scam, which led to a member firm putting a stop to a suspicious transaction and returning almost $250,000 to the investor.

Some Helpline calls are elevated to FINRA Investigations. One Helpline call involved a senior who was falsely presented an investment opportunity in an annuity that supposedly guaranteed a 10% return. After failing to respond to information requests, the registered representative involved was barred from associating with a FINRA member, and FINRA made referrals to law enforcement. Last year, the U.S. Attorney’s Office, District of Arizona, Tucson announced that an FBI investigation led to the representative pleading guilty to wire fraud, resulting in a 22-month prison sentence.

FINRA has adopted significant new rules to protect vulnerable investors over the past 10 years, including changes related to FINRA Rule 2165 (Financial Exploitation of Specified Adults), Rule 4512 (Customer Account Information) and Rule 3241 (Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer). Findings and best practices related to those safeguards are summarized in the FINRA 2025 Annual Regulatory Oversight Report.

About FINRA

FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.

Fonte: Business Wire