Yet another financial fraud has been uncovered. This week it was disclosed that the RCMP are looking for 16 Montreal-area peoplewho swindled many persons out of their retirement savings through a ruse involving fake RRSP transfers.
These scams just keep coming out of the woodwork. In the fall, the Calgary-based Institute for Financial Learning, an alleged $100-million or more Ponzi scheme, made the news when two of its operators were charged with fraud and theft. And of course the Earl Jones Ponzi scheme made the headlines about a year ago. Then there were the many other frauds exposed in previous years — such as Portus and Nordburg. It appears Canada is indeed fertile groundfor scam artists.
A common thread is that the victims are usually elderly persons. It looks like some education could helpwith this situation, not just with the seniors but also with their children. Old age can dull the faculties;offspring should be watching out more for their moms and dads.
Adult childrenhave more than a moral obligation to watch out for their parents: they also have a legal one. As noted in a previous post, adult children are legally liable forfor their parents. If their parents become destitute, they are liable under the law to pay parental support if their parent supported them financially when they were minors.