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.
For more information see California Senate Bill 1140 Welfare Institutions Code Relating to Financial AbuseFederal Anti elderly fraud laws:
- Federal Anti Fraud Laws – 31 U.S.C. sec.
- Federal 5318 (g) (3) and 12 U.S.C. 3403
- Financial Service Modernization Act
Common types of financial abuse and fraud against senior citizens in Nursing Homes and Adult Care Facilities in CaliforniaRefinancing 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
- Health Insurance Fraud
- Banking Scams – Checking and Savings fraud
- Investment Stock and Bonds Fraud
- Credit Card Fraud
Elderly Victims Fail to Report Financial FraudUnfortunately 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– Nursing Home Neglect
– Emotional Elder Abuse Attorney
– Bed Sore Attorney | Elderly Neglect
– Medication Error in Nursing Homes
– What is Elder Abuse?
– Nursing Home Slip and Fall Attorney
– Elder Financial Abuse Attorney
– Elder Abuse Neglect Laws Attorney
– Residential Care Elderly Abuse Attorney
– Who Can Sue For Elder Abuse?
– Elder Abuse Wrongful Death Lawsuit
– Elderly Medical Malpractice Attorney
– Bed Sore Wrongful Death Lawsuit
– Bed Sore Injury Attorney – Nursing Home Neglect
– Different Stages of Bedsores
– Hospital Bed Sore Lawsuit – Can a Hospital be Sued for Patient Neglect
– Nursing home sexual assault
– Infections in Nursing Homes
– Nursing Home Heat Stroke Lawsuit
California Elderly Senior Citizen Financial Abuse Attorneys are Here to Help Financial abuse accounts for an estimated one third of all elder abuse cases in the United States. Such abuse is more prominent amongst the senior citizen population than physical abuse, mental trauma, and sexual abuse. If you feel that you or someone you know if a victim of such fraud it is important that you take action to prevent further harm.