Homewood (March 14) – Rep. Paul DeMarco receives praise for his strong stance to protect retirees and senior citizens caught up in financial fraud and scams like Ponzi schemes. Thanks to DeMarco’s support, the Alabama House of Representatives passed HB325 to extend the time the state can investigate and prosecute complex economic and financial crimes. Right now, the state is limited to three years. Unfortunately, securities fraud and deception is discovered long after the statute of limitations runs out.
“This important piece of legislation will help protect Alabama’s retirees and senior citizens from questionable financial dealings and deceitful tactics designed to rob them of a secure financial future,” DeMarco said from the House floor Thursday.
Alabama Securities Commission Director Joe Borg praised Rep. DeMarco in a news release from his office.
“Our office has seen numerous instances where scams continue for years, usually in a Ponzi scheme setting, where the victims have no idea that they have even been defrauded until such time as it comes to collect their hard-earned money as promised. Rep. DeMarco was also especially on point with regard to financial crimes against our retirees and senior citizens who are particularly targeted by scamsters and con artists.”
DeMarco has a proven record as a friend to senior citizens. He was named one of the “Statesmen of the Year” in 2013 by the Alabama Senior Citizens Hall of Fame for sponsorship of legislation to strengthen penalties against elder abuse and financial exploitation.
The full news release from the Alabama Securities Commission can be reviewed here.