Category: Fraud
“The unprecedented quarantines to protect against the spread of the novel coronavirus have made many seniors more vulnerable to financial exploitation.” Social isolation, whether because of a pandemic or because an elderly person is alone, is a leading factor contributing to the financial exploitation of seniors. The necessity of quarantining for older adults because of […]
“In February, Social Security officials calculated that a woman who was sent monthly checks for decades was 114 years old. The problem? The lifelong New Yorker died more than 40 years ago—and may never have seen a penny of her retirement checks totaling nearly a half-million dollars.” In one of the largest fraud cases of […]
“Orlando Cepeda wants to know where his money went. He also wants to learn what happened to all of his baseball memorabilia, including his 1967 National League Most Valuable Player Award, and wants to be made whole.” Eighty-two-year-old Giants great Orlando Cepeda filed a lawsuit against his daughter-in-law Camille Cepeda alleging elder financial abuse, fraud […]
“Each year, senior citizens lose billions of dollars to financial fraud, with the loss to individual victims averaging tens of thousands of dollars.” The extended isolation and loneliness during the coronavirus pandemic is creating the perfect storm for financial exploitation of seniors, who are unable to visit with family members and friends, reports Fredericksburg Today […]
“Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.” A recent case examined the issue of when the fiduciary duty begins for an agent who has […]
“You’ve probably received one: A recorded call warns of a problem with your Social Security number. To fix it and avoid legal action, you’re told, you must call back immediately—and pay up.” You’d think everyone would know to ignore these calls. However, these criminals are so convincing, says The New York Times in the article […]
“A suspicious email, a strange phone call from an unknown number, an overzealous financial adviser, a close family member: what’s the connection between all these people and things? It’s financial elder abuse.” Financial elder abuse is defined as the “fraudulent or otherwise illegal, unauthorized or improper act or process of an individual, including a caregiver […]
“Unlike with stolen credit cards, a saver’s losses to fraud in retirement investment accounts aren’t limited by federal law, although mutual fund companies typically say they’ll reimburse funds lost to fraudulent activity.” She thought she had nearly $80,000 saved in her employer-sponsored retirement plan, but when Beth Bennett checked on her account, there was only […]
“At one point, Alvarado was withdrawing so much money from Silnitzer’s accounts, she needed a rolling suitcase to take it home, according to the lawsuit.” Two women and two check-cashing companies have been accused of profiting from a scheme that had a 74-year-old man suffering with dementia as their target. The scam, reported in the […]
Despite strong efforts by scammers, it is still possible to stay safe. We are all vulnerable to identity thieves but much of the action seems to focus on seniors, according to My Prime Time News in “Senior Identity Theft: How to Stay Safe“. More than a third of complaints to the Federal Trade Commission in […]
