08/22/2012 08:32 am ET Updated Oct 22, 2012

America's Grandmas Getting Scammed Big Time

NEW YORK (CNNMoney) -- Lured in by the promise of free lunches, big-cash prizes and high-yield investments, seniors are losing big money to bogus financial schemes and bad advice.

On average, seniors who become victims of financial abuse lose an estimated $140,500, according to a survey of 2,649 financial planners conducted by the nonprofit organization Certified Financial Planner Board of Standards.

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