Suit Alleges Suspicious Wire Transfers, Cash Withdrawals And Advances
Victim Allegedly Lost $370,000
Fraudulent Wires And Transfers Allegedly Executed At Six Bank Branches
Seniors can be victims of theft and financial elder abuse in single transactions or may be victimized by an entire series of fraudulent transactions or large-scale schemes intended essentially to take everything a senior has. In California, financial elder abuse is grounds for civil liability under the Elder Abuse Act. See Cal. Welf. & Inst. Code § 15610.30 (definition of financial elder abuse). Anyone assisting in the financial abuse is also responsible for their actions. The definition of financial elder abuse under the Act reads:
(a) “Financial abuse” of an elder or dependent adult occurs when a person or entity does any of the following:
(1) Takes, secretes, appropriates, obtains, or retains real or personal property of an elder or dependent adult for a wrongful use or with intent to defraud, or both.
(2) Assists in taking, secreting, appropriating, obtaining, or retaining real or personal property of an elder or dependent adult for a wrongful use or with intent to defraud, or both.
(3) Takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining, real or personal property of an elder or dependent adult by undue influence, as defined in Section 15610.70.
(b) A person or entity shall be deemed to have taken, secreted, appropriated, obtained, or retained property for a wrongful use if, among other things, the person or entity takes, secretes, appropriates, obtains, or retains the property and the person or entity knew or should have known that this conduct is likely to be harmful to the elder or dependent adult.
Relief for the victim includes mandatory awards of attorneys’ fees and expenses in financial elder abuse cases. Cal. Welf. & Inst. Code § 15657.5. 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. Our toll-free number is 1-888-50EVANS (888-503-8267).
Financial Elder Abuse Allegations Against Bank
In a recently filed case, a senior citizen has sued her bank for financial elder abuse and other causes of action claiming that the bank wrongfully facilitated transactions in her accounts which the bank knew, or should have known, were fraudulent. The 69-year-old woman had never made a wire transfer, taken out a line or credit or requested a cash advance in the 30 years she had been a customer of the bank. Nevertheless, over a period of five months, the bank processed transactions that involved wiring hundreds of thousands of dollars from her savings account to overseas bank, sold her investment products she had never held, assisted in $100,000 in-person cash withdrawals and authorized nearly $50,000 in credit card cash advances. The victim was a retired health care worker whom a stranger convinced to make these transfers and withdrawals. In her suit against the bank for assisting in the stranger’s financial elder abuse, plaintiff alleges that the bank should have known these transactions were abusive given her history with the bank of doing nothing but saving money in a savings account for 30 years.
Monitoring A Senior’s Accounts
This cases illustrates how important it is to stay involved in a senior’s life and prevent them from becoming victims to strangers and financial predators. Never let a senior go to the bank or have business meetings with a stranger or new acquaintance. Make sure you’re with them anytime the meet anyone on business matters. Review bank records and bills continually online. Never ever allow the senior to give a caregiver, care facility employee or a stranger or new “advisors” a Power of Attorney. If you suspect abuse, call elder law counsel to help you pursue all available remedies against anyone responsible for abuse, including an award of attorneys’ fees and costs for bringing your suit under Cal. Welf. & Inst. Code § 15657.5.
If you or someone you love is the victim of any type of financial elder abuse in San Francisco or elsewhere in California, call Ingrid M. Evans at Evans Law Firm, Inc. at (415) 441-8669, or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</a>. Our toll-free number is 1-888-50EVANS (888-503-8267).
 Evans Law Firm, Inc. is not involved in the reported case in any way.