Elder financial abuse is a growing yet serious problem. As the baby boomer generation reaches the 65+ age demographic unscrupulous criminals seek an opportunity at every turn defraud the elderly and reap financial rewards of their crimes. Leading statistics on fraud crimes against the elderly in the United States show that people over the retirement age of 65 are heavily target by criminals. Every year an estimated 3.8 Billion dollars in assets is defrauded from the elderly.
In many instances Elderly victims of financial abuse and fraud are unaware that they are victims of such fraud. It is important to understand your rights and hold those responsible for perpetrating such frauds responsible.
What is financial abuse?
Elder financial abuse is defined by California Fraud and Financial Abuse against the Elderly Laws: Welfare and Institutions – Code Section 15610.30. and Section 1575 of the Civil Code. According to California law elderly financial abuse takes place when when a person in charge or in custody of the financial assets of the victim does any of the following:
Financial abuse is considered taking or appropriates the real or personal property of an elder or an adult for a improper or wrongful purpose with the intent to defraud.
Helping, aiding or assisting the taking or obtaining of any real or personal property of an elder or dependent adult with the purpose or intent to defraud.
A person or entity shall be deemed to have taken, secreted, appropriated, obtained, or retained property for a wrongful use if, among other things, the person or entity takes, secretes, appropriates, obtains, or retains the property and the person or entity knew or should have known that this conduct is likely to be harmful to the elder or dependent adult.
Common types of financial abuse and fraud against senior citizens in Nursing Homes and Adult Care Facilities in California
Refinancing Fraud or Mortgage Fraud: Many elder or dependent adults are victims of mortgage or refinance fraud. In these cases mortgage brokers or solicitors offer to refinance the home of the elder or dependent adult, without disclosing the terms of the agreement. In such cases the victim is unaware that they have entered into an unfavorable agreement.
Wrongful Use: this is defined as the taking of property is bad faith. A property taken away or transferred in bad faith or without the proper transfer to the designated party can be bad faith.
Misappropriation of assets, pensions, retirement and social security – Senior citizens are particularly vulnerable to the misappropriation of their limited assets. Perpetrators of such acts often steal the social security numbers and identification of senior citizens or con the elderly in providing sensitive and secure personal information that can be used to divert funds from pension accounts, sell or transfer bonds and stock certificates to 3rd parties.
Other forms of older retirees
Senior Citizen Identity Theft
Charity Fraud and Telemarketing Fraud against the elderly
Unfortunately a large percentage of financial abuse against the elderly in senior citizen homes and elderly care facilities goes unreported. Older individuals who are victimized by fraud fail to report abuse to their families of staff form man different reasons including, (1) Felling of shame, embarrassment and guilt, (2) They are not aware of the fraud taking place, (3) Afraid they will get into trouble (4) Fear of retribution by the criminal parties or nursing staff, (5) Criminal is a close family member or a friend and the victim wants to protected him from the law.
The Ultimate Guide to Nursing Home Neglect & Elder Abuse
YOU Deserve the Best Free Case Review 24/7 You Don’t Pay unless we win
By submitting this form, you agree to receive telephone calls and text messages at anytime, which include hours outside of business hours (8:00 am PST – 9:00 pm PST). This is so that we may reach you as soon as possible in order to consult on your potential case.
Free Case Review 24/7 You Don't Pay Unless You Win
By submitting this form, you agree to receive telephone calls and text messages at anytime, which include hours outside of business hours (8:00 am PST - 9:00 pm PST). This is so that we may reach you as soon as possible in order to consult on your potential case.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.