Illinois General Assembly Increases Scope of Civil Liability in Latest Version of the Illinois Financial Exploitation of an Elderly Person with a Disability Act

Posted on March 12th, 2018 at 3:33 PM
Illinois General Assembly Increases Scope of Civil Liability in Latest Version of the Illinois Financial Exploitation of an Elderly Person with a Disability Act

From the Desk of Jim Eccleston at Eccleston Law LLC:

Under 720 ILCS 5/17-56, Illinois law protects people over the age of 60 years and people with disabilities from exploitation by a person(s) held in positions of trust and confidence. Moreover, that person can be a financial advisor.  

The new language, made effective in 2016,  provides that an elderly person or a person with a disability who suffers financial injury and damages can be awarded: (1) an amount equal to 3 times all economic damages resulting from the physical or financial abuse, or $500, whichever amount is greater; (2) an amount equal to 3 times all non-economic damages resulting from the physical or financial abuse; (3) reasonable attorney's fees incurred by the plaintiff; and (4) reasonable fees for the services of a guardian or guardian ad litem incurred by reason of the litigation of a claim brought under this provision.

In addition, the amended version also inserted language affirming that a civil action under the Act is valid even if the defendant has not been charged or convicted of a criminal offense.

If you or someone you know has suffered damages from financial exploitation by a financial advisor, please give us a call for a free consultation at 312.332.0000.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

 

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.

October 22, 2021
TIAA Sues Former Advisors For Allegedly Soliciting Clients

Teachers Insurance and Annuity Association of America (TIAA) filed suit against three of its former Connecticut advisors for allegedly soliciting TIAA clients to join them at their new firm.