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As the population over the age of 65 continues to grow, elder financial abuse has been steadily increasing. However, this type of crime is rarely discussed or prosecuted. In 2016, the New York State Cost of Financial Exploitation Study determined that vulnerable elderly New Yorkers experienced an estimated $1.5 billion a year financial loss due to elder financial abuse.

Given the severity of these types of crimes against the elderly, it is essential to remember that a reliable legal representation can help you regain the financial loss you might have experienced and further protect your assets. More importantly, it is vital to be aware of signs of elder financial abuse so you can report these crimes and act on mitigating the harm done to you and your assets.

What is Elder Financial Abuse? 

Under New York State’s Social Services Law Article 9-3 Title 1§ 473, elder financial abuse is the illegal and improper use of an elderly adult’s funds, property, or resources by another individual. These abusers may or may not be related to the elderly individual, and the abuse can take in many forms. These predatory financial abuses include, but not limited to, scams, embezzlement, fraud, false pretenses, conspiracy, forgery, falsifying records, coerced property transfers, or denial of access to assets.

Who Typically Commits Elder Financial Abuse? 

Elder financial abuse comes in many forms, and typically these are committed by people who have the means and opportunities to do so. Sadly, most of those who commit elder financial abuse are the people that the elderly victims trust and depend on.

What are the State Civil Damages Available to the Victims of Elder Financial Abuse? 

Generally, damages available to victims of elder financial abuse are subject to civil remedies. Such civil remedies available to the victims of elder financial abuse includes, but are not limited to:

However, given the nature of elderly financial abuse, the Court can easily apply punitive damages if the abuser is found to be liable for the following wrongdoing:

Being a victim of elder financial abuse is difficult. You might feel angry, ashamed, confused, or unsure of your experience. However, you might feel it is vital that elder financial abuse has severe implications to your financial standing and may compromise your ability to take care of yourself financially. This negative experience should not stop you from seeking the justice and remedies you rightfully deserve.

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