Oklahoma City, Oklahoma
Early Fraud Detection BEFORE the Elderly are Separated From Life Savings.
For Immediate Release
Wednesday, November 17, 2010
Contact: Irving Faught, Administrator
  Oklahoma Department of Securities
Oklahoma City/////  Irving Faught, Oklahoma Securities Commission (OSC) Administrator, said today the OSC is taking part in a groundbreaking new “Elder Investment Fraud and Financial Exploitation Prevention Program (EIFFE)” that will work with Oklahoma’s medical professionals to detect cases in which seniors are being scammed or are in danger of being scammed by an investment con artist.

Seniors have long been the target of unscrupulous investment scam artists. This is especially true of seniors who have mild cognitive impairment (MCI). According to the 2010 Investor Protection Elder Fraud Survey released in June, 7.3 million older Americans – one out of every five citizens over the age of 65 – have already been victimized by a financial swindle. The survey also found that half of older Americans exhibit one or more of the warning signs of financial victimization.

The EIFFE program will educate a large number of medical professionals in Oklahoma about how to spot seniors who may be vulnerable to financial abuse or are victims of financial abuse and refer them to point persons within the Oklahoma Securities Commission and/or Adult Protective Services (APS) for help.

EIFFE is a collaboration between the Investor Protection Trust (IPT), Investor Protection Institute (IPI), the North American Securities Administrators Association (NASAA) and the National Adult Protective Services Association (NAPSA) in cooperation with leading U.S. medical associations including the American Academy of Family Physicians, American College of Physicians, American Geriatrics Society, National Area Health Education Center Organization, and the National Association of Geriatric Education Centers. The program was created by the Baylor College of Medicine with grant funding from the Investor Protection Trust and piloted in the state of Texas.

Oklahoma’s EIFFE program is planned to roll out in spring 2011. The EIFFE Clinician’s Pocket Guide and patient brochure are available on the Invest Ed® Web site, investedok.org. Medical professionals with questions about the new initiative should contact Lisa Angelotti, 325-5162 or ifaught@securities.ok.gov. The full 2010 Investor Protection Elder Fraud Survey is also available on the Invest Ed Web site.

Invest Ed® is an investor education collaboration between the Oklahoma Securities Commission and the University of Oklahoma Outreach. To learn more about protecting yourself, family members or friends from investment fraud, the Invest Ed programs or to access our free, unbiased resources, visit investedok.org. Invest Ed is Oklahoma’s investor protection resource.
This press release, and related information, is available on the Department of Securities' web site at www.securities.ok.gov, by phone at 405/280-7700, or in writing at:  Oklahoma Department of Securities, 204 North Robinson, Suite 400, Oklahoma City, OK 73102