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[SOS] Investment advisers can now work with law enforcement to protect clients from fraud Legislation protects investment advisers that alert authorities to elder abuse
Start Date: 4/26/2017Start Time: 12:00 AM
End Date: 4/26/2017
Entry Description

INDIANAPOLIS (April 26, 2017) —Investment advisers will now be able to alert authorities to potential abuse if they believe a client is the victim of financial exploitation. Investment advisers are often the first to notice potential exploitation in cases where a senior citizen is being taken advantage of by a family member. Beginning July 1, investment advisers will have immunity to report suspicions to law enforcement. Previously they were bound by confidentiality and reporting would have opened an adviser up to a potential lawsuit or legal action.

“Too many older Hoosiers have been cheated out of their life savings often by their closest friends and family.” said Secretary Lawson. “Providing immunity for investment professionals who protect their clients by alerting law enforcement to potentially life changing harmful activity is a common sense solution. I applaud Representative Heaton and the rest of the General Assembly for their work on this legislation.”

Under current law, broker-dealers are protected when they alert law enforcement to suspected fraud. This bill extends that protection to investment advisers, who are often in close communication with their clients.

The new law also changes the criminal statute of limitations for securities violations from 5 years after the offer or sale of a security to 5 years after discovery by the state.  This assures that securities violators will not be able to avoid accountability simply by setting the maturity of a security out past 5 years.  

An estimated $40 billion is lost every year to investment fraud, with losses from seniors totaling as much as $2.6 billion. One in five older Americans say they have experienced financial exploitation or have been targeted by someone trying to defraud them of their hard-earned savings.  The Secretary of State’s office seeks to counter these statistics through its outreach program, Indiana MoneyWise. For more information on Indiana MoneyWise, visit in.gov/sos.

The law will take effect on July 1, 2017.

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Contact Information:
Name: Valerie Warycha
Phone: 317-233-8655
Email: vwarycha@sos.in.gov
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Entry Type:
Press Release
Entry Category:
  • Alerts and Notification
  • Announcements
  • Media Advisory
  • IN.gov Category:
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  • Agency Name
    Secretary of State

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