What is Elderly Financial Abuse and the Characteristics of its Predators
Elderly financial abuse includes the illegal or improper use of an older person’s funds or property for any reason that does not benefit the owner. Elder financial abuse crosses a wide range of conduct, from theft, forgery, deception, and even coercion.
The perpetrator of this type of financial abuse is not limited to a scammer on the phone in a far away place. In fact, often times it is someone close to the victim, such as a child or grandchild – or even a spouse. In certain circumstances, the family member may feel they have a “right” to money or property or feel a false sense of entitlement because they cared for the older person. Although predatory individuals do not have to be a family member, they will share certain common characteristics. This will typically include:
- Regularly expressing their love for the older person
- Getting the elderly investor to trust the perpetrator
- Abusing a position of trust already established
Some predators seek out employment in fields that put them in close contact with the elderly for this express purpose. For example, stockbrokers who advise elderly investors are in a position to commit elder financial abuse.
What to Look Out For
There are several indicators that can make you aware that you or a loved one may be the victim of elderly financial abuse, including:
- Unpaid bills
- Unexplainable bank account withdrawals or transfers (real estate, financial or otherwise)
- Senseless trading in a brokerage account
- Suspicious signatures on checks or other documents
- Missing property
- Legal documents that the older person did not understand the significance of, especially power of attorney forms
Call a Los Angeles Fraud Attorney Today
If you or someone you know has been the victim of elder abuse, you may have certain legal rights that require your immediate attention. Contact an experienced Los Angeles fraud attorney today for a consultation regarding your rights.