Financial Elder Abuse
Sadly, in most cases of financial elder abuse the abuser is someone the elderly person or their family trusted. They may be a caretaker, family member, friend, attorney, stockbroker, or any other person who gains access to the elder’s assets, or who persuades the elder to make an improper investment decision.
Older Americans are less likely to report a fraud because they don’t know who to report it to, are too ashamed at having been scammed, or don’t know they have been scammed. Elderly victims may not report crimes because they are concerned that relatives may think they no longer have the mental capacity to take care of their own financial affairs.
Civil Law Defines Civil Elder Financial Abuse as when a Person or Entity does any of the Following:
- Takes, secretes, appropriates, obtains, or retains real or personal property of an elder for a wrongful use or with intent to defraud, or both.
- Assists in taking, secreting, appropriating, obtaining, or retaining real or personal property of an elder for a wrongful use or with intent to defraud, or both.
- Takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining, real or personal property of an by undue influence. Undue influence means excessive persuasion that result in inequity. (Welfare & Institutions Code Section 15610.30)
The Most Common Types of Financial Abuse Involves the Following:
- Loss of Real Estate
- Unsuitable Insurance Products
- Mortgage Loan Fraud
- Family Member Fraud
- Telemarketing Fraud & Scams
- Identity Theft
At Elder Protection Center, Protecting the People You Love is our number one priority. You are not alone. If you or someone you love is a victim of financial elder abuse, contact us today. Elder Protection Center is standing by for you and your loved ones – Today.