Anaheim, CAMost people would like to think that those who would commit financial elder abuse in California or across the US are strangers or people not closely associated with the victim, not trusted family and friends. But the truth is that much California elderly financial abuse is committed by the victim’s loved ones. Friends, children and siblings of seniors have all been among those accused of committing elder abuse financial exploitation. Unfortunately, when elder abuse is committed by a loved one, it can be difficult for the victim or other family members to report it, meaning financial elder abuse nationally and in California is generally underreported.
A 2009 study, titled “Broken Trust: Elders, Family, and Finances” (issued by MetLife Mature Market Institute, the National Committee for the Prevention of Elder Abuse, and the Center for Gerontology at Virginia Polytechnic Institute and State University), found that the annual financial losses experienced by victims of financial elder abuse is estimated to be a minimum of $2.6 billion dollars. Furthermore, the perpetrators of financial elder abuse are more likely to be people who are in a position of trust with the elder, including friends, family and service providers.
The study defines elder financial abuse as “the unauthorized use or illegal taking of funds or property of people aged 60 and older.” The relationship between victim and perpetrator can be long-term, such as the case of a family friend or neighbor, or it can be short-term, such as through a scam phone call or e-mail. Financial elder abuse reportedly accounts for between 30 percent and 50 percent of all elder abuse. Although it covers a wide range of victim characteristics, the elder financial abuse victim is more likely to be female, over the age of 70 and frail.
Financial elder abuse, sometimes referred to as financial exploitation or misappropriation of funds, is also often associated with other forms of abuse or neglect of the senior, the report notes. Furthermore, for every case of elder financial abuse that is reported, up to four or five cases may not be reported.
Researchers involved in the study found that of cases of financial elder abuse reported in newspapers in a three-month period, 55 percent involved financial elder abuse perpetrated by a family member, friend neighbor or caregiver; 21 percent involved strangers; 18 percent involved financial professionals and seven percent involved Medicare/Medicaid fraud. Of the perpetrators, 18 percent were trusted professionals, 17 percent was family, 11 percent was a non-agency caregiver, 9 percent was an agency caregiver and the remaining were a variety of perpetrators, including home repair professionals, strangers and neighbors or friends. Of family members who commit elder financial abuse, approximately 60 percent is an adult child of the victim.
Because the victim often feels foolish for having been victimized, or because the victim does not want to punish someone he or she knows for the abuse, financial elder abuse often goes unreported. Unfortunately, many seniors lose a lot of their money - if not their entire life savings - in financial elder abuse scams.
If you or a loved one have suffered losses in this case, please click the link below and your complaint will be sent to a financial lawyer who may evaluate your Financial Elder Abuse claim at no cost or obligation.