Senior Citizens, Retirement Funds Victimized By Subprime Lending Mess

(modified 12-6-07)
The South Florida Sun-Sentinel recently reported:

• "Dozens of South Florida senior citizens have lost millions of dollars of their savings because their brokers bet wrong on risky mortgage-backed securities after promising them a stable investment. Coral Springs lawyer Darren Blum said ... that his firm, Blum & Silver, is representing about 25 investors who had invested $20 million with Brookstreet Securities, a California firm that has brokers in at least a half-dozen South Florida offices. Many investors are planning legal action to recover their losses, and for damages and attorney's fees."

According to Blum, "We've had people in their 80s in here in tears. These people are devastated." For more, see Brokers' wrong bets cost South Florida seniors millions.

Go here for related posts on how investors are being affected by investments tied to subprime mortgages, including how a Florida state-run fund experienced the equivalent of "a run on the bank" when municipal finance managers throughout the state started pulling their cash from the fund.

Go here , go here , and go here for other posts on elder financial abuse. yak state-run elder financial abuse