(photo) Sen. Cicarella: New Law Will Better Protect CT Seniors from Financial Exploitation

For Immediate Release

Sen. Cicarella: New Law Will Better Protect
CT Seniors from Financial Exploitation

Sen. Paul Cicarella, the Ranking Senator on the legislature’s General Law Committee, today applauded the governor’s ceremonial bill signing of legislation he co-sponsored which implements procedures that protect seniors from suspected financial abuse and exploitation.

The new law authorizes disclosures and temporary account holds by broker-dealers, investment advisors, banks and credit unions, and probate courts to address the financial exploitation of state residents ages 60 or older.

“Scammers are out there every day, using schemes to try to separate Connecticut seniors from their hard-earned money,” Sen. Cicarella said. “This new law adds an extra layer of protection so that if financial institutions spot unusual activity on a senior’s account, they can ‘hit the pause button’ and alert that senior about the possibly fraudulent activity. On the General Law Committee, we focus on consumer protection issues, and this consumer friendly measure sends a message to seniors that we will continue to protect them from potential fraud and financial exploitation.”

Attached photo:

Sen. Paul Cicarella, at center, is applauding a new CT law to better protect seniors from financial exploitation and abuse.