A Bay Area couple was recently charged with elder abuse and accused of embezzling more than $800,000 from an elderly victim. The couple took advantage of an elderly victim after the death of his wife left him emotionally vulnerable. The money was spent on a variety of things, including a luxury car automobile and tuition at UC Berkeley. Alameda County elder abuse lawyers say that this case is a typical example that illustrates the growing problem with financial elder abuse.
The accused couple met the elderly victim in Santa Barbara in 2009, after the death of his wife. According to documents filed in court, the couple became friends with the elderly victim and slowly began to take over duties assisting him with his personal business. In 2010, the couple suggested that they move to Berkeley together because the wife was going to attend college there. All three moved to Berkeley together in 2010 and shared a residence.
In 2012, the elderly victim entered into a business partnership with the couple. According to court documents, the elderly victim gave the couple an investment of $125,000 to use trading foreign currencies. The victim told police that this was the only large amount of money that he knowingly gave the couple.
According to police, the couple moved about $842,000 from the elderly victim’s retirement accounts into their own checking account. Detectives say that the couple spent large sums of money on themselves, including $86,000 for tuition at UC Berkeley and $17,000 for an Audi automobile, $12,000 on Apple products, and $8,000 on personal training sessions. According to police, some of the money was spent for the elderly victims benefit, including rent, food, and other necessities. However, the couple also used the elderly victim’s credit card for purchases that added up to over $400,000. Alameda County elder abuse lawyers say that this type of abuse is happening more frequently.
According to police, the elderly victim became suspicious of activities of the couple and reported potential financial elder abuse in early 2013. When the couple was arrested they acknowledged making many of the purchases and payments and also claimed that the elderly victim knew about the charges. The couple acknowledged that some of the charges were excessive and unjustifiable and that they felt they owed the elderly victims between $183,000 and $217,000 in compensation.
Evans Law Firm, Inc. handles elder abuse, financial elder abuse, physical elder abuse, annuity fraud, consumer fraud class actions, insurance and banking fraud cases. If you think that you have witnessed or are the victim of elder abuse, or financial fraud then contact Evans Law Firm, Inc. at 415-441-8669 for a free and confidential consultation, or email us at firstname.lastname@example.org