FAQ | Securities Disputes
Frequently Asked Questions:
Elder Financial Abuse
As the wealthiest segment of our population ages, instances of financial abuse will be on the rise.
What is elder financial abuse?
Elder financial abuse is the theft or taking of money or property from an elder or senior citizen. It also includes anyone who has helped or assisted an the financial abuse of an elder. It is not limited to con artists and swindlers but can include financial institutions who directly or indirectly assist another in the financial abuse of an elder.
What should I do if I suspect elder abuse?
Members of the public are encouraged to report instances of elder abuse to local law enforcement or adult protective services. If a financial institution reasonably suspects that there has been elder financial abuse, they are required by law to report the abuse.
Victims of financial abuse can also take legal action against the abuser and anyone that has assisted them.
For more information about victim's rights, please contact us.
What are some warning signs of elder financial abuse?
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The elder person develops a new close relationship with someone who offers to manage their finances and assets.
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Family members or caregiver isolate the elder and restrict the person's contact with others.
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The elder is confused, forgetful, frightened, withdrawn or secretive.
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the appearance of suspicious spending patterns, withdrawals or activity in the elder's financial accounts.
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The elder has made an investment that they do not understand or that appears inappropriate, particularly investments that charge high fees/commissions or impose early withdrawal penalties.
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Signatures on checks or forms do not resemble the elder's or the information on the form is incorrect.
