The junior senator from the state of New York has made it her business to protect older persons from falling victim to financial scams.
Senator Kirsten Gillibrand issued a report that said half a million older persons in New York have lost a total of $180 million in fake investments and other types of fraud, according to the Buffalo News.
"Seniors have spent a lifetime saving and preparing for the golden years, and they deserve financial security and peace of mind," said Gillibrand.
"But far too many seniors are being lured into investments, and getting scammed by criminals out of their savings and benefits."
America's older persons have almost $15 trillion in assets, according to the paper's website. On Staten Island, 11,834 seniors lost about $4,094,426 says SILive.com.
In New York City as a whole, more than 200,000 older persons have been hit by fraud, according to Gillibrand's report. Altogether, they lost $70 million.
Scam artists who are caught will be fined $50,000 as part of the senator's plan. She also intends to move forward on her Senior Financial Empowerment Act, which will help older persons educate themselves on the risks of mail, telemarketing and internet fraud.