For immediate release: January 14, 2015
Contact: Stephanie Fleming, (573) 526-0949
Kander, Schmitt Announce Bipartisan Legislation to Protect Seniors from Financial Fraud
Jefferson City, Mo. — Secretary of State Jason Kander today announced he will push for legislation to protect seniors from financial fraud. Sen. Eric Schmitt (R-Glendale) has filed the bill and is working closely with Kander on the issue. The bill provides financial industry professionals with more tools to prevent seniors from losing their savings and promotes collaboration between industry professionals and state agencies that serve seniors and investigate financial exploitation.
“Protecting Missourians’ hard-earned savings has been a goal of mine since my first day in office,” Kander said. “Unfortunately, our seniors are often the targets of financial exploitation, particularly those suffering from cognitive decline. I’m pleased to partner with Sen. Schmitt in this effort to further protect some of our most vulnerable citizens from fraud.”
“As we work to build a stronger Missouri for future generations, we must not forget the Missouri seniors who have worked, saved and contributed so much to our great state,” Schmitt said. “Our bipartisan legislation creates another layer of security for some of our most vulnerable citizens to help ensure their savings remain intact. It also serves as a warning to the fraudsters who prey on seniors that in Missouri we are doing everything we can to stop financial exploitation before it happens. This initiative is a priority for me and Secretary Kander and I am looking forward to working with him to pass this legislation on behalf of Missouri seniors.”
Under this legislation, financial industry professionals are empowered to stop exploitation when they see it. To help them identify signs of cognitive decline in their clients, the bill also provides training resources to industry professionals through the Securities Division of the secretary of state’s office.
In October, Kander held a symposium with financial services industry professionals, advocates and law enforcement to develop ways to protect Missouri seniors dealing with cognitive decline from financial fraud. Presenters at the symposium included representatives from the Alzheimer’s Association of St. Louis, The St. Louis Area Agency on Aging, renowned Neurology Professor John C. Morris from Washington University School of Medicine, and Page Ulrey, a nationally known county prosecutor from Seattle, Wash., specializing in elder abuse and financial exploitation.
A report on the Senior Investor Symposium is available here: http://www.sos.mo.gov/symposium_report.pdf.
The bill is SB 244. Rep. Jay Barnes (R-Jefferson City) will file similar legislation in the House.
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Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.
