How to Find Financial Exploitation Topics Online
Financial Exploitation
What is elder financial exploitation? A Prescott, Arizona
resident was arrested for stealing over $100,000 from a 74-year-old woman with
dementia. The charges included felony theft, fraud, and misuse of a power of
attorney. Police were alerted after the victim was approximately $20,000 behind
in payments to her care facility. The investigation revealed that the alleged
perpetrator sold the victim’s home to a relative for less than fair market
value and took control of various other assets.
Family, friends, neighbors,
caregivers, fiduciaries, business people, and others may try to take advantage
of an older person. They may take money without permission, fail to repay money
they owe, charge too much for services, or just not do what they were paid to
do. These are examples of financial exploitation or financial abuse.2 Financial
exploitation is a form of elder abuse.
The crime of the 21st century Here are
some numbers that show the seriousness of the threat: Losses are huge: one
study estimated that older Americans lost at least $2.9 billion to financial
exploitation by a broad spectrum of perpetrators in 2010, although many experts
believe the true cost is much higher. Financial exploitation is the most common
form of elder abuse—a recent study concluded that about five percent of
Americans 60 experienced financial mistreatment by a family member in a single
year.
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