WASHINGTON, D.C. (WWTI) — Members of the U.S. House of Representatives have introduced a new legislation that will help seniors who have been victimized by financial scammers.
The new legislation, the Edith Shorougian Senior Victims of Fraud Compensation Act, will allow elderly victims of financial scams to recoup their financial losses through the Crime Victims Fund.
According to the House, the act is named in honor of Edith Shorougian, who lost over $80,000 in retirement savings following a scam through a financial planner.
The bipartisan legislation was introduced by representatives Suzanne Bonamici, John Katko, John King, Ayanna Pressley and Elise Stefanik.
The bill is supported by AARP, Alzheimer’s Association, Elder Justice Coalition, and other organizations.
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