On August 28, 2009, Missouri’s new “Senior Protection Act” took effect with the goal of better protecting investors from fraud. The Act, which gained bipartisan support from Missouri legislators, was influenced by Secretary of State Robin Carnahan’s pledge to enact stronger protections for those particularly susceptible to fraud—seniors and disabled investors.
The Senior Protection Act creates harsh penalties for those who wish to take advantage of these individuals. In particular, the Act establishes a minimum penalty of $50,000.00 for anyone who commits criminal securities fraud against an elderly or disabled person—with the maximum penalty being $1,000,000.00 and up to ten years in prison—along with an additional penalty of up to $5,000.00. The Act defines an “elderly person” as a person sixty years of age or older.
The newly-enacted Senior Protection Act can be found here, under Missouri Revised Statute § 409.5-508.