The announcement came just a week after FINRA set in stone new national standards that seek to better protect senior and vulnerable investors from exploitation.

A Wall Street fraud guardian has urged the children of high net worth individuals to reach out if they suspect a parent has fallen victim to stockbroker misconduct. 

The Wall Street Fraud Watchdog is offering to help the son or daughter, or both, gain assistance from some of the US’ top securities attorneys who specialize in arbitration hearings involving a crooked stockbroker or wrongdoing such as portfolio churning, unauthorized trading or suitability issues regarding investment decisions. 

"The other thing we want to offer a high net worth family dealing with significant misconduct or losses related to a stock broker is for them not to hire an incompetent lawyer who will just show up for FINRA arbitration hearing,” the group said in a statement. “Unfortunately, some lawyers advertising on the Internet are looking for fee generation as opposed to victories for their clients.”

The Wall Street Fraud Watchdog’s plea comes a week after two new rules aimed at better protecting senior and vulnerable investors from exploitation entered into force. 

Under the new national standards, crafted by FINRA, the investments regulator, firms are now required to “make reasonable efforts” to obtain the name and contact information for a trusted contact person of a client’s account. The rules also give FINRA the power to place a temporary hold on disbursement of funds or securities if there is a “reasonable belief of financial exploitation”, and to notify the trusted contact of the hold.

In light of the recent stock market shifts, “we are hoping the adult son or daughter of a high net worth senior citizen has or will now review a recent financial statement from their parent's stock broker or investment advisor,” the Wall Street Fraud Watchdog said. “If you notice significant losses related to very risky investments, high-volume trading on the part of the stock broker, or trades in investments you know your parent would never authorize-and the losses are substantial,” please call the Wall Street Fraud Watchdog on 866-714-6466.