AG Platkin and the Division of Consumer Affairs announced the launch of an electronic portal that makes it easier for financial professionals to comply with a New Jersey law requiring them to alert the NJ Bureau of Securities (“Bureau”) of suspected financial abuse targeting older and vulnerable investors, expanding their efforts to protect vulnerable adults from financial exploitation

New Jersey’s Safeguarding Against Financial Exploitation (SAFE) Act requires broker-dealers and investment advisers to notify the Bureau of suspected or attempted financial exploitation of vulnerable adults, which the Act defines as those who are 65 and older or subject to the Adult Protective Services Act. The Bureau reviews all filed reports to assess whether additional action is needed.

“As financial exploitation of seniors and other vulnerable adults increases nationwide, New Jersey is making it easier than ever for investment professionals to comply with their responsibility to report it. By taking a few minutes to upload a fraud alert on the new SAFE Portal, they can help put a stop to schemes and scams that threaten the financial security of at-risk individuals.” – AG Platkin