Preventing Financial Exploitation of Seniors
Legislature Considers Expanding List of Mandated Reporters of Financial Elder Abuse
The California Elder Abuse and Dependent Adult Civil Protection Act mandates reporting of suspected financial abuse of an elder or dependent adult. Cal. Welf. & Inst. Code § 15630.1. A recently introduced bill in the California State Senate would expand the list of mandated reporters to include broker-dealers (as defined in Corp. Code § 25004) and investment advisors (as defined in Corp. Code § 25009). The bill would also allow a mandated reporter to delay temporarily a requested disbursement from a senior’s account where financial elder abuse is suspected, provided specified conditions are satisfied.
The California and San Francisco financial elder abuse attorneys at Evans Law Firm, Inc. applaud the proposed measure and support any additional protections for California seniors against financial exploitation. Our attorneys handle financial elder abuse cases every day and represent victims financially exploited by caregivers, insurance agents, financial advisors, retirement planners, stock brokers, trustees, persons operating under a Power of Attorney, and others. If you or a loved one is a victim of financial elder abuse in San Francisco or elsewhere in California call us today at (415)441-8669 and we can help go after the persons and businesses responsible for the abuse.
While the bill faces challenges in adoption, its purpose is certainly in line with other California protections for seniors against financial elder abuse. California broadly defines the acts that constitute financial elder abuse (Calif. Welf. & Inst. Code § 15610.30) and the more persons required to report that abuse when they suspect it, the better. Financial elder abuse is a growing problem throughout California and here in San Francisco; Adult Protective Services in San Francisco reports that incidents of financial elder abuse have risen dramatically here in San Francisco. Those responsible for the abuse should be held accountable. Qualified financial elder abuse lawyers, such as the San Francisco elder abuse lawyers at Evans Law Firm, can pursue all remedies available to California seniors against those who exploit them financially including restitution (getting your money back), rescission (undoing an invalid contract), punitive damages, and recovery of attorneys’ fees and costs incurred in bringing a financial elder abuse action.
If you or someone you love is the victim of financial elder abuse by an insurance agent, income or retirement planner broker, financial advisor, caregiver or other party, call Ingrid M. Evans and the other San Francisco financial elder abuse attorneys at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. Our attorneys have experience with securities, annuity, and other investment fraud, financial elder abuse cases and complex qui tam or whistleblower cases including offshore tax avoidance cases, complex financial contract cases and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We also handle cases involving physical elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.