Two major fiscal watchdogs just announced they've aligned to help fight to elderly financial abuse. A new study found that this type of money mismanagement costs senior citizens billions of dollars nationwide a year and many cases are never reported. The new program is designed to help give people tools to identify and report financial exploitation. Here's the complete details and links to more information:
The North American Securities Administrators Association (NASAA) and the National Adult Protective Services Association (NAPSA) today announced they will join forces to protect seniors from the growing threat of elder financial abuse, which includes financial exploitation and securities fraud.
Financial abuse is considered to be the most common form of abuse to elders, costing its victims an estimated $2.6 billion a year, according to a recent study. And for every one case of abuse reported to authorities, an estimated four or more cases go unreported. The NASAA and NAPSA partnership aims to eliminate elder financial abuse by providing tools to identify and report financial exploitation.
"Elder financial abuse is becoming the crime of the 21st century as the growing senior population is increasingly targeted," said Fred Joseph, NASAA President and Colorado Securities Commissioner. "Victims can see their life savings disappear with little opportunity to recover financial stability. Anyone can - and should - report abuse of an elderly person, whether it is physical or emotional abuse, neglect or financial exploitation. State securities regulators and adult protective services workers are natural partners because we operate at a local level in service to our elderly citizens, and are often the first responders to abuse or financial fraud."
"A silent crime is taking its toll on America - silent because so many of these cases go unreported," said Kathleen Quinn, Executive Director of NAPSA. "Studies show that family members and caregivers are the culprits in more than half of these cases, so unless an outside service provider reports the abuse it may go unpunished. NASAA members have a history of protecting senior investors and our hope is that together we will strengthen the ranks of advocates for the elderly," said Quinn, "This announcement is the first step in a partnership we hope will grow to close the gap on elder abuse. We look forward to working together to fight this growing crime."
NASAA and NAPSA will work together to inform and connect their members to share information and resources on how they can help prevent elder abuse in their jurisdictions. Workshops are planned for the upcoming NAPSA conference in October.
The two organizations announced their partnership today in recognition of World Elder Abuse Awareness Day, which is dedicated to raising international awareness of elder abuse and financial exploitation and reinforcing a commitment to report abuse and protect the elderly.
Securities fraud can be reported by contacting your state securities regulator. Contact information is available at nasaa.org. To report elder abuse, contact your Adult Protective Services office at apsnetwork.org or through the National Center on Elder Abuse (NCEA) at ncea.aoa.gov or contact Steven Peck's Premier Legal toll free at 1-866-999-9085 to talk to an experienced elder law and financial abuse attorney
