Senior Financial Exploitation

Elder Financial Exploitation from Jail — Anything Can Happen

Published on: July 1, 2013 | by Ettinger Law Firm

Elder financial exploitation is often one of those problems that community members believe only happens to “other people.” When reading stories about seniors falling for scams or being exploited by caregivers it is easy to view them as one-of-a-kind examples. But the truth is the exact opposite: elder financial exploitation is referred to by observers as an epidemic. It is prudent for all New York families to take preventative steps to minimize the chance of a loved one falling victim.

Misplaced Trust

One story that made headlines last week is a reminder of how scammers eager to take advantage of seniors can cause harm from anywhere. According to a report from NBC, the scam artist began by knocking on the senior’s door in a panic. The man pretended to be distraught, and was in tears while falsely claiming that his own parents were just killed in an automobile accident.

National Nursing Home Week 2013: Team Care

Published on: May 17, 2013 | by Ettinger Law Firm

The American Health Care Association (AHCA) is leading the effort this year as part of the official “National Nursing Home Week” which was designated as May 12th through the 18th. More information on the event can be found here.

The purpose of the Week is to raise awareness of various needs of the long-term care community. In addition, it is used by many local facilities to better connect senior residents with their neighbors. Unfortunately, there remains somewhat of a barrier between nursing home residents and others–the seniors in these facilities are often viewed as “others.” Instead, many elder care advocates urge a more holistic outlook, where the skills of seniors are valued and they are viewed as an integral part of any neighborhood.

The official theme of these year’s National Nursing Home Week is “Team Care.” According to the AHCA this theme, “recognizes residents and patients in long term and post-acute care settings, the dedicated staff who care for them, and the value of care planning where everyone ‘pitches in’ for optimal outcomes.”

Stolen Home: Elderly Mother Claims Deed Conveyed to Son Via Fraud

Published on: May 15, 2013 | by Ettinger Law Firm

Most discussions of elder financial exploitation include accusations of unique scams targeted at trusting seniors. As we discussed last week, many wrongdoers try to swindle the elderly community via insurance frauds, home repair schemes, and similar techniques. These are very real dangers that must be guarded against. However, it is a mistake to assume that all scams are committed by random strangers.

The sad reality is that many act of elderly financial exploitation are perpetrated by family members. Because of a senior’s propensity to trust their relatives and/or not wish to come forward with suspicions against loved ones, financial crimes committed by friends and family are particularly hard to identify. Experts working on these affairs point out that the vast majority of these situations never result in liability. In other words–wrongdoers often get away with it. The “success” rate of this exploitation is one reason why it continues to be perpetrated time and again. That makes it incumbent on all of us to do everything in our power to check on vulnerable friends and relatives and put plans in minimize the risk of harm.

Fraudulent Deed

Massive Elder Scam Cost Seniors Nearly $6 Million

Published on: May 13, 2013 | by Ettinger Law Firm

On the whole, studies continue to show that seniors citizens are more “trusting” than younger demographics. Sadly, that trust is often exploited by those seeking to scam seniors out of significant sums of money, including retirement savings. These scams take many forms, and each are a reminder for families to be vigilant about the financial well-being of elderly loved ones.

Recently, headlines were made when authorities arrested a couple who are alleged to have bilked seniors out of nearly $6 million in a far-reaching insurance fraud scheme. The pair tricked many different families into purchasing long-term care insurance to provide in-home care to seniors. They collected a mountain of premiums, but refused to provide any of the actual services needed when participants sought use of their claims.

According to various reports, more than 230 seniors purchased insurance policies from the couple. They paid monthly premiums as high as $4,000 for what they thought would ensure them “unlimited in-home, non-medical services.” In reality, it bought them nothing.

Be Aware of Senior Financial Scams with Roll Out of Health Care Law

Published on: April 23, 2013 | by Ettinger Law Firm

From suspicious claims in an email to unsolicited letters, most of us assume we are not naive enough to fall victim to a financial scammer. This is a mistake. It takes only a moment of confusion or a lapse in judgement to provide a fraudster with the the tools they need to steal.

Financial scammers thrive in confusion and unfamiliarity. There is a reason that seniors are targeting more often than others–the elderly may be less familiar with certain aspects of modern technology or culture. As such, scammers are able to poke at their uncertainty in order to gain trust and ultimately take advantage.

These frauds are often connected to current events. Disgustingly, it was only hours after the Boston bombings that some fake charities were set up in an attempt to dupe well-intentioned community members into donating money that would end up in the pockets of criminals. Along the same lines, fraudsters are trying to exploit unfamiliarity and confusion about the high-profile national health care law. Many aspects of the law are set to take effect this year, and most community members are unfamiliar with the details of those changes. Scam artists are stepping into the void, working to use the complexity of the law to solicit funds from unsuspecting community members. Senior citizens are the most likely to be hurt.

Does New York Need a Mandatory Elder Abuse Reporting Law?

Published on: February 12, 2013 | by Ettinger Law Firm

It is commonly understood that elder abuse is a serious concern that often goes unreported. But there remains less certainty about the best ways to address the problem. A recent Buffalo News editorial argued that more needs to be done at the state and federal level to tackle the issues.

For one thing, New York is one of only three states in the country that does not have a law which requires reporting of elder abuse and financial exploitation. The idea is that community members–particularly those in situations where elder abuse might be observed–must be made aware of the gravity of the situation and effectively forced via the law to report their suspicions.

The story points to recent research by Cornell University academics entitled “Under the Radar: New York State Elder Abuse Prevention Study.” Disturbingly, the report found that for every case of elder abuse that is reported to authorities, another 44 cases are never shared. That estimate is similar to those made by previous researchers. When all forms of elder abuse are considered (including financial exploitation by family members), other studies have found that upwards of 95-99% of exploitation is not reported.

The “Sweetheart Scam” Bilks Seniors Out of Millions

Published on: January 29, 2013 | by Ettinger Law Firm

It will happen virtually every day somewhere across the country. Most of the time, no one will ever actually find out about it. It’s called the “Sweetheart Scam,” and it is responsible for untold millions of dollars being lost by elderly community members at the hands of scam artists.

How it Works

This trick is very straightforward, and yet it continues to lead to significant financial loss, confusion, embarrassment, and depression. It involves a younger individual, usually an attractive woman, trying to develop a relationship with a senior–usually an older man who lives alone. This often does not involve romantic contact but occasionally it might. Once the senior is smitten with the younger scam artist, requests for money will be made. The requests often involves claims that the younger person is in some sort of trouble or had some streak of bad luck that leaves them in dire straights. Seeking to help one that he has grown attached to, the senior often opens his bank account.

Senior Embezzlement Case Reminder of Need for Third-Party Oversight

Published on: December 14, 2012 | by Ettinger Law Firm

One of the biggest mistakes that many New Yorkers make in their elder law and estate planning matters is placing too much trust in the actions of others to handle things fairly without legal preparation. This common error is understandable, as it is human nature to trust those closest to us, particularly friends and family members. However, the sad reality is that the vast majority of senior financial exploitation, estate feuds, and similar troubling situations are caused by the actions those closest to a senior.

One recent criminal case is a testament to how these matters sometimes shake out. According to a report, an adult woman is facing criminal charges after allegedly taking over $140,000 from her own father in his golden years. Apparently, the senior’s health took a turn, and he was eventually placed into a long-term care facility. At that time his adult daughter was named guardian over his affairs. This position gave her a power of attorney, allowing her access to all of his finances.

Unfortunately, instead of acting prudently to ensure the man’s well-being, the daughter used her new role only to benefit herself. The woman allegedly used her father’s funds inappropriately, spending money at casinos, nail salons, on car leases, and more. She even paid off her own payday loans using her father’s funds. The embezzlement apparently lasted a year and a half before she was stopped in March of this year. For that entire time, none of the man’s nursing home bills were paid. Essentially, the daughter took the money intended for his care and spent it on herself.

Stolen Jewelry & Elderly Crimes in Rochester

Published on: December 3, 2012 | by Ettinger Law Firm

WHEC-TV in Rochester recently posted on two arrests involving theft of jewelry from a local woman. According to the report, a a door-to-door vacuum saleswoman went to an elderly woman’s home and asked to use the restroom. While inside, the saleswoman apparently stole several pieces of jewelry, which she then sold to a local pawn shop. This sort of quick, unexpected crime affects many local seniors, and often the crime is never reported.

The article does not explain how the particular crime in this case was uncovered, but it wasn’t long before the local sheriff’s office was on the case. They soon tracked down the vacuum saleswoman. While investigating the matter they also learned that the woman’s boss tried to cover-up the theft. Upon learning of the situation, the boss apparently tried to buy back the jewelry. He then contacted the 84-year old woman and tried to convince her to end the investigation. He told the elderly woman that she should just claim that she had only misplaced the jewelry but had found them again. A letter was even drafted by the senior to that end.

Fortunately, this bungled attempt at a cover-up did not work. Sheriff’s investigators were onto the scheme and eventually arrested both the saleswoman and her employer. It remains unclear if the boss knew of past thefts or was involved in the matter in any way beyond the cover-up.

Holiday Gatherings: Time to Check for Senior Financial Exploitation

Published on: November 26, 2012 | by Ettinger Law Firm

If there was an easy way to identify and prevent seniors being taken advanage of financially, then the rate of exploitation would be far lower than it is. The stark reality is that it is a big challenge to catch elder financial abuse before it occurs and identify the problem afterwards. Yet, the difficulty does not mean that nothing can be done. Instead, there must be an amped up effort to address the problem, and there is no better time to do that than now.

Over the next few weeks many families will get together in various settings to celebrate the holiday season. From dinners and parties to religious services and family meals, this time of year is always filled with relatives and close friends convening together to share in one another’s company. As such, it may be a great time for families to bring up–very carefully–any concerns they might have about protecting a senior loved one’s financal resources from those who prey on vulnerable elders. A recent Forbes article recently made the same point.

The story mentioned that represenaties from the Aging section of the U.S. Department of Health and Human Services issued a similar call. The representive remarked: “This holiday season, we encourage families to spend some time asking older family members some basic questions to ensure that their finances are in good hands and that if there are signs of abuse, that the right steps are taken to stop it.”