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

August 3, 2023

For Immediate Release

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

Sen. Jeff Gordon, a leading advocate for Connecticut seniors, today applauded the governor’s ceremonial bill signing of bipartisan 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.

“This new law creates the ability to chase away senior scam artists,” Sen. Gordon said. “We have all heard of the internet grandparents’ scam, where a grandparent gets a phone call from a scammer posing as a trusted grandchild urging the grandparent to withdraw large sums of money. This new law aims to prevent those unfortunate situations by creating the ability for financial institutions to ‘hit the pause button’ when unusual activity is detected in a senior’s account. We must continue to strengthen our support systems for Connecticut seniors, because scammers will not stop trying to separate vulnerable seniors from their hard-earned money.”

Sen. Gordon thanked AARP Connecticut, the Connecticut Banker’s Association, the Credit Union League of Connecticut, and Connecticut’s elder law attorneys for their work on the legislation.

Sen. Gordon represents Ashford, Chaplin, Coventry, Eastford, Ellington, Hampton, Stafford, Thompson, Tolland, Union, Vernon, Willington, and Woodstock.