By: Richard L. Smith
In an ongoing effort to combat the financial exploitation of vulnerable adults, the New Jersey Office of the Attorney General has introduced a new digital reporting system designed to simplify compliance with the state's reporting laws.
According to information released by the New Jersey Attorney General’s Office, the Division of Consumer Affairs and Attorney General Matthew J. Platkin have announced the debut of an online portal aimed at assisting financial professionals in alerting the Bureau of Securities to suspected abuse under the state's Safeguarding Against Financial Exploitation (SAFE) Act.
The SAFE Act requires broker-dealers and investment advisers to report suspected or attempted exploitation involving adults over the age of 65 or individuals covered by the Adult Protective Services Act.
The newly launched SAFE Portal allows users to submit reports and supporting documentation electronically, improving efficiency and enabling quicker intervention by the Bureau when needed.
"Financial exploitation of seniors and vulnerable adults continues to rise across the country," said Attorney General Platkin.
"This portal gives financial professionals a faster, more effective way to report suspicious activity and protect those who may not realize they are being targeted."
Director of the Division of Consumer Affairs, Cari Fais, emphasized the crucial role investment professionals play in spotting red flags early.
“These professionals know their clients’ financial habits and can often detect issues before the client is even aware,” she said. “This new system empowers them to take swift action.”
Under the SAFE Act, once exploitation is suspected or even attempted, financial professionals must notify both the Bureau of Securities and the adult protective services provider in the relevant county.
The Act also allows them to temporarily delay transactions to protect the investor’s assets while an investigation is conducted.
Since the Act became law in April 2020, over 1,200 cases of suspected financial abuse have been reported. Prior to the portal’s launch, reports were submitted via email using a narrative format.
Now, submissions are logged directly into the Bureau’s database, streamlining the review process.
Elizabeth Harris, Chief of the Bureau of Securities, praised the state's financial professionals for their proactive reporting and expressed confidence that the SAFE Portal will further strengthen protections for vulnerable investors.
The SAFE Portal can be accessed through the Bureau of Securities’ website or directly at www.njconsumeraffairs.gov/bos/Pages/SAFE.aspx