Our attorneys have experience handing claims involving elder financial abuse. The victims of elder financial abuse often suffer from Alzheimer’s disease, dementia, or other conditions which result in a decline in mental function. Unlike physical abuse, the impact of financial abuse may be much more difficult to detect. In fact, financial abuse has the ability to go on for years prior to being detected. The long-lasting impact of financial abuse can have a devastating impact on the well-being of the victim. If you or someone you know was the victim of financial abuse, please call us at 212-203-9300 for a free and confidential consultation.
We have handled numerous cases involving financial advisors who have abused their elderly client’s trust by either misappropriating their money or inducing them to invest in a fraud. Unfortunately, many elderly victims of financial fraud develop close personal relationships with their financial advisors or stockbrokers. This makes these people highly susceptible to fraud. If you or a loved one were victimized by a financial advisor, you may be able to seek money damages against them as well as the firm that employed them. detect. In fact, financial abuse has the ability to go on for years prior to being detected. The long-lasting impact of financial abuse can have a devastating impact on the well-being of the victim. If you or someone you know was the victim of financial abuse, please call us at 212-203-9300 for a free and confidential consultation.
Nursing home staff and other caregivers make up nearly one-third of the perpetrators of financial abuse. These caregivers may steal money from the victim, use the ATM card of the elderly individual without permission, or write checks on the victim’s account. Like financial advisors, corporate owners of nursing homes are legally liable for the bad actions of their staff.
According to the National Center for Elder Abuse (NCEA), more than half of all perpetrators of elder financial abuse are close friends or family members, including the victim’s adult children and spouse. In addition, nearly 65% of all financial abuse perpetrators were living with their victims for the duration of the abuse. Often times these individuals hold positions of trust over their victim and may be a power of attorney, trustee or some other fiduciary.
While most perpetrators of financial abuse may be persons known to the victim, there are instances where strangers may also gain access to a victim’s financial resources. Some examples include email phishing scams or phone calls where the stranger seeks to gain access to the victim’s personal information in order to steal financial assets. The scammer may identify themselves as a representative of the Internal Revenue Service, a relative in financial distress, a company who identifies the victim as the winner of a sweepstakes, or other false pretenses.
Many states have statutes that create special civil remedies for elderly victims of financial crime. In addition to state statutes, the Financial Industry Regulatory Authority, or FINRA has rules that provide special protections to elderly consumers. State-level elder abuse statutes often define an elderly person as one being over the age of 65. They also frequently allow victims to seek punitive damages, attorneys’ fees or other special monetary damages that would not otherwise be available at common law.
Understanding the signs to look for can help to prevent occurrences of elder abuse for loved ones or help to identify elder abuse more quickly. Some signs to look for include:
If you suspect that a loved one may be the victim of financial abuse, it is important that your loved one has someone advocating for their rights. If you suspect that your loved one may have been a victim of financial abuse, please call our attorneys at 212-203-9300 for a free and confidential consultation.
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