CFO Jimmy Patronis Statement on Final Adoption of Protections to Safeguard Elderly Investors from Fraud

TALLAHASSEE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis issued a statement on the final adoption of a rule presented by the Office of Financial Regulation (OFR) following the Cabinet meeting. The rule executes provisions of House Bill 813, which was a top priority of CFO Patronis. The rule protects seniors and other vulnerable investors from fraud by requiring investment advisors to report suspected exploitation of elderly investors. The rule further enhances fraud protections for elderly individuals by allowing investment advisers to delay disbursing assets if they believe an elderly individual is subject to financial exploitation.

CFO Jimmy Patronis said, “In Florida, our senior investors are prime targets for financial fraud, and as your CFO, I remain committed to fighting fraud in our state and holding criminals who look to prey on Floridians accountable. I want to thank Senator Doug Broxson and Representative Lawrence McClure for pursuing critical legislation to safeguard our vulnerable investors as well as Commissioner Weigel for working to execute this rule to ensure we are better aware of deceptive tactics used to target our elderly population.”