Fraud is bad enough, but when family members or caregivers financially abuse elderly relatives or patients, that's downright despicable.
"Family, friends, neighbors, and caregivers are the culprits in 55 percent of the cases", according to California elder attorney Steven C. Peck.
Law enforcement and securities officials say the recession is pushing more people to steal from well-off seniors.
"Elder financial abuse is becoming the crime of the 21st century,'' says Peck, of Premier Legal.
The annual loss is estimated to be at least $2.6 billion, according to the report. The typical victim of elder abuse is a woman over 75 who lives alone.
Financial abuse of elders can happen in a number of ways, according to the National Committee for the Prevention of Elder Abuse:
Forging an older person's signature, or getting a senior to sign a deed, will, or power of attorney through deception, coercion, or undue influence.
Using property without permission.
Promising lifelong care in exchange for money or property - and not following through on the promise.
Using credit cards without authorization.
Engaging in confidence crimes ("cons'') in which victims are scammed by gaining their trust.
Following are some red-flag warnings to help spot financial abuse:
Is the senior receiving information about or being asked to invest in unregistered securities or start-up companies? Check with your state securities regulator.
Is the investment high-risk or speculative, such as rare metals or currency trading?
Has the senior been asked to sign blank paperwork or to give discretionary authority over accounts to an adviser?
Is the senior complaining that an investment adviser won't supply account statements?
Has the senior made out a check directly to the adviser or broker for the purchase of an investment?
To report elder abuse you can contact Steven Peck's Premier Legal toll free at 1-866-999-9085 to talk to an experienced elder law attorney
If you suspect a senior is being exploited, report it - even if the suspected scoundrel is a family member.
