New York Governor Andrew Cuomo approved legislation that provides protection for veterans against scams such as pension poaching and other deceitful business practices.
Many elderly and disabled veterans became victims of pension poaching, a growing scam involving unscrupulous financial planners, insurance agents and other entities across the United States.
These deceitful individuals also known as poachers pretend to be helping veterans and their families obtain benefits from the U.S. Department of Veterans Affairs. They often encourage veterans to reposition their assets to qualify for benefits with specific and strict qualifications. Veterans are not eligible for those benefits so the poachers will then sell them unnecessary financial products or services to earn a commission or fee.
Normally, these poachers do not provide full information regarding veterans’ other benefits. They do not disclose to veterans the possible negative impact of the financial transactions such as loss of Medicaid eligibility.
New York State will not allow scammers abuse veterans
The Pension Poaching Prevention Act, signed by Gov. Cuomo, prohibits any person from receiving compensation for assisting veterans and their dependents process a claim for benefits.
