When it comes to elder abuse, oftentimes, one might think that it is purely physical. However, the elder population also fall prey to financial abuse. It is important to break the misconception that senior citizens only experience financial abuse from strangers. In fact, most elder financial abuse cases are from family members, and close relatives.
According to the Los Angeles Times, a 78-year old senior had been sold a $100,000 life annuity insurance policy by an insurance agent. This agent was also her nephew. It was alleged that her nephew withdrew a number of payments from the 78-year old’s policy by forging her signature and depositing checks. As a result, the helpless lady lost more than $110,000 from her insurance policy.
It is sad to see that the elderly are often victimized and taken advantage of, based on their vulnerability and living situations. The Government Accountability Office (GAO) reports that the majority of cases involving elder financial abuse are barely recovered. Stripping away the financial security from the elderly will also weaken both their health, and their ability to take care of themselves.
Paying attention to signs of elder financial abuse is important. However, it is twice as important for senior citizens to speak up, and to seek help, before it is too late.
If you or someone you know has been a victim of elder abuse or fraud, contact Evans Law Firm, Inc. for a free and confidential consultation at firstname.lastname@example.org or by phone at 415-441-8669. Evans Law Firm, Inc. handles financial and physical elder abuse, insurance/banking fraud, consumer class action fraud, qui tam (whistleblower/false claims) litigation, and other types of financial fraud.