Tr?id=566623520170033&ev=PageView&noscript=1

Surge in Elderly-Targeted Cryptocurrency Scams

Posted on June 22nd, 2023 at 11:26 AM
Surge in Elderly-Targeted Cryptocurrency Scams

From the desk of Jim Eccleston at Eccleston Law 

According to U.S. Department of Justice research, over 3,000 senior citizens were victims of investment cryptocurrency scams. The Federal Bureau of Investigation (FBI) has reported that senior citizens lost over $1 billion from cryptocurrency scams just last year.

According to Emily Sherlock's report shared by WealthManagement.com, there are five warning signs of potential cryptocurrency-related elder fraud which estate planners and financial advisors should be vigilant about. They are:

1. An elderly client opens an account at a crypto asset exchange (and begins making transfers to an associated crypto wallet), despite demonstrating minimal or no knowledge of cryptocurrency. 
2. An elderly client starts using his or her debit or credit card to make frequent or high-value purchases of crypto assets.
3. An elderly client funds their purchase of crypto assets with substantial savings from a retirement account.
4. An elderly client starts making large cash withdrawals from a bank account and indicates that he or she intends to deposit the funds at a Bitcoin ATM. 
5. A caregiver of an elderly client starts trading crypto assets in inexplicably large amounts that appear to be beyond the caregiver's own means.

To safeguard elderly clients, proactive estate planners and financial advisors can play a crucial role in advising them to exercise skepticism towards unsolicited crypto
investment opportunities that appear too good to be true. Additionally, educating clients about the common tactics employed by these scams can contribute to their protection.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

1779464913 Law
May 22, 2026
Blue Owl Caps Redemptions as Investors Seek Billions in Withdrawals from Private Credit Funds

Blue Owl Capital faced a sharp rise in redemption requests during the first quarter as investors attempted to withdraw approximately $5.4 billion from two of the firm's largest private credit funds, according to reporting by the Wall Street Journal.

L
May 21, 2026
Edward Jones Faces Federal Privacy Lawsuits Over Alleged Data Sharing With Tech Companies

Edward Jones is facing multiple lawsuits alleging that the firm improperly shared clients' personal and financial information with third-party technology companies for targeted advertising purposes, according to reporting by Financial Planning.

1779287606 Law
May 20, 2026
FINRA Sanctions Ameriprise for Supervisory Failures in Variable Annuity Exchanges

The Financial Industry Regulatory Authority (FINRA) has fined Ameriprise Financial Services and ordered restitution to resolve allegations that the firm failed to adequately supervise certain variable annuity exchange recommendations.