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CFO Sink Recognizes 4th Annual World Elder Abuse Awareness Day

6/15/2009

CONTACT:
Kyra Jennings or Kevin Cate
(850) 413-2842
 
TALLAHASSEE- Florida CFO Alex Sink today joined with Floridians and citizens around the world in observing the 4th Annual World Elder Abuse Awareness Day, focused on fighting the abuse, neglect, and exploitation of seniors.  CFO Sink has focused on protecting seniors from insurance and financial fraud during her time in office, including creating her Safeguard our Seniors Task Force.
 
“Making sure that are seniors are protected from abuse, including financial fraud, requires community involvement at all levels,” said CFO Sink. “I encourage every Floridian to take a moment today to consider what they can do to help prevent the abuse or poor treatment of Florida’s seniors.”
 
During the 2009 legislative session, CFO Sink pushed for Safeguard Our Seniors legislation after recommendations were made by her Safeguard our Seniors Task Force on how to prevent annuity fraud.  The legislation would have increased the penalty for unscrupulous agents who defraud senior investors to a third degree felony and established better disclosures and protections upfront for seniors who invest in these products.  The Safeguard our Seniors legislation passed unanimously in the Florida Senate but was not heard in the Florida House.
 
“Financial fraud has devastating consequences, especially for so many of Florida’s seniors who live on a fixed income,” said CFO Sink. “That’s why I created the Safeguard our Seniors Task Force and pushed for important legislation to better protect our senior citizens from becoming victims of financial fraud.” 
 
CFO Sink’s Safeguard Our Seniors Task Force includes representatives from AARP Florida, the Department of Veterans’ Affairs, Insurance Consumer Advocate, Offices of Insurance Regulation and Financial Regulation, NAACP, Florida Bar, American Council of Life Insurers, insurance agents and securities broker-dealers.  Along with the work of the Task Force, in the past year CFO Sink’s Department of Financial Services has opened nearly 500 administrative cases on financial fraud involving seniors, with approximately 70 percent of cases related to annuity and life insurance transactions.
 
Senior Floridians who believe they may have been the victim of annuity fraud should log on to www.MyFloridaCFO.com or call 1-877-My-FL-CFO.  For information on CFO Sink’s Safeguard Our Seniors Task Force and initiative, visit www.FLseniors.net.  For more information on World Elder Abuse Awareness Day visit www.inpea.net.