My senior father recently met a broker, and he trusted him with his life savings right away. I am worried, and I don’t trust the guy that much. How would I know if he’s legit?

You can call FINRA to check if a broker or brokerage firm is licensed to sell investment products in the state they’re offering them in. If FINRA says no, that’s a huge red flag straight away. However, even licensed professionals can misbehave.

You might want to talk to your father and encourage him to check his statements regularly instead of giving his broker full control. Help him ensure that there are no unauthorized trades and that no checks are sent to the broker’s account.

Fraudsters usually target older people due to their trusting nature and lack of tech experience. It’s common for brokers to encourage “unsuitable” or high-risk investments to maximize the commissions they can profit, even if it wasn’t in the client’s best interest.

If it turns out that his broker took advantage of his trust, it is considered elder abuse. InvestorLawyers.org has plenty of experience in elder abuse and other forms of investment fraud. You might want to check them out as they can guide you on how to recover your investment losses.