Allegedly Defrauded 97-Year-Old With Dementia
Accused Of Using Victim’s Funds For Personal Expenses
Eight Years Of Fraud Alleged
Seniors are often victims of financial elder abuse from strangers or newcomers into their lives acting as caregivers, insurance salesmen, contractors, or new boyfriends or girlfriends sometimes met online. But seniors can also be victims of financial elder abuse from those who have known the senior for years or advised them for many years as brokers or financial advisors. Dishonest persons in such positions have access to a senior’s financial accounts and as the senior ages or suffers from dementia may remove funds without the client noticing. The broker or advisor may even have a power of attorney for the elderly client. All unauthorized withdrawals from a client’s account into a broker’s personal account are acts of theft and, when the client is over 65, constitute the additional crime of financial elder abuse. Such acts are also grounds for the recovery of enhanced civil damages including awards of attorneys’ fees and expenses for the cost of bringing suit against all wrongdoers, including anyone assisting them. See Penal Code § 368 (crime of financial elder abuse) and Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse). Evans Law Firm, Inc. can represent you if you lose money as a result of financial elder abuse in Los Angeles or throughout California. If you have, call our lawyers today at (415)441-8669. Our toll-free number is 1-888-50EVANS (888-503-8267).
SEC Charges Advisor With Theft From Elderly Client
In a recently reported case, the U.S. Securities and Exchange Commission (SEC) has charged a financial advisor with stealing close to $1.3 million from an elderly client who currently suffers from dementia, and using the funds for his personal and business expenses. The SEC’s complaint alleges that. Over an eight-year period, the broker solicited one of his clients, who’s now 97 years old, to send him money to make purported investments in real estate investment trusts on her behalf and to transfer the money to one of his businesses. The complaint further alleges that to fund some of the purported investments, the client, with defendant’s advice and approval, sold securities in her account and transferred the proceeds to defendant personally under defendant’s promise to re-invest the funds for her. In reality, according to the SEC complaint, the broker used the money for his own personal expenses and his own business investments and did not use any of the money for any investments on behalf of the client.
Protecting Loved Ones From Financial Elder Abuse
If you are a family member of an older loved one the best way to protect them from the kind of fraud described in the reported case is to stay involved in their lives and financial affairs and constantly monitor all bank and investment accounts. Trace where their funds are being invested and carefully review statements to see if they have been doctored or otherwise appear suspicious Keep hard copies of all bank and investment firm records. You may need them as banks only keep records for seven years. Closely examine all bills that are being paid directly from any account to make sure they are your loved one’s bills and not the bills of someone else who has given the account information to their own creditors for bill payments. Accompany any older loved one to any business meetings so that they are not sold an unsuitable investment or insurance product or coaxed into signing blank forms or checks under the pressure of a broker or agent.
If you or a loved one has been the victim of financial elder abuse in Los Angeles or elsewhere in California contact Ingrid M. Evans 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 toll-free number is 1-888-50EVANS (888-503-8267).
 Evans Law Firm, Inc. was not involved in the case in any way.