Questions and Answers
What is elder financial abuse?
Financial "exploitation" (what happened to my mother) is when a person takes an older individual’s money or property for their own gain. There's a difference between fraud and exploitation. From Joe Roubicek:
"An exploitation crime occurs when someone takes advantage of the vulnerability or dependant condition of a disabled elderly person to deprive that person of their assets.
So while elderly fraud victims are independent persons with the capacity to give consent, exploitation victims are disabled in some manner and this disability contributes to their victimization."
What are the signs of elder financial abuse?
Significant withdrawals from the elder’s accounts * sudden changes in the elder’s financial condition * items or cash missing from the senior’s household * suspicious changes in wills, power of attorney, titles, and policies * addition of names to the senior’s signature card * unpaid bills or lack of medical care, although the elder has enough money to pay for them * financial activity the senior couldn’t have done, such as an ATM withdrawal when the account holder is bedridden * unnecessary services, goods, or subscriptions
How did you get involved with elder financial abuse?
My brother lived with my mother, so she was under his control and somewhat isolated; it gave him easy access to her mail. She was blind and unable to read her bills. He was a drug addict. He stole all her money, about $43,000. He had a job as an assistant vice-president for a large company and grossed about $80K/year. Most, if not all, went to drugs. He also tapped his 401K and other accounts. Meanwhile, bills were not paid, so services were cutoff such as cable, phone and electric until he somehow got cash to restore them. He used my mothers accounts, such as EZpass, checking, etc. They both have died. He left behind a neglected & damaged house which is in foreclosure since he couldn't pay his measly mortgage (my mom put in most of the money to buy it) and his pension, 401K and employee stock purchase plan are not nearly enough to pay his debt. Obviously, he left my mom with no assets and she too has debt that can't be paid; a real mess.
Why couldn't you intervene?
I contacted the local police and FBI each three times. I also spoke with the District Attorney's office and Adult Protective Services. Basically, they say the victim has to file a complaint in order to bring charges. Even though I was power of attorney, I couldn't file a complaint on her behalf. I tried to get her to move in with my family (anything to get her away from him), but she wouldn't leave. She was afraid of him, so that didn't help. He was very unstable and I felt my mom was in danger. He went berserk when I closed her savings account; it was scary (we had to leave our home for a few days). There are other issues people like me face. You can read them HERE.
How would you prevent elder financial abuse?
HERE is what I wrote on the petition. I wrote procedures that would have inhibited my brother from stealing her money and using her accounts. I also wrote that anyone aware of this crime should be able to contact police.
Is there anything you want to tell people?
I would tell elderly people, especially those living alone and isolated, to watch out. If they don't read their mail or handle their finances, they better check with the bank as to their balances. They should speak with a bank representative to determine if there's been suspicious or unauthorized activity.
To individuals entering their golden years; be prepared. Consider pre-paying your funeral if it's important to you. Start to give away possessions so your children don't fight. Make it clear to everyone what your wishes are. Update your will. Make sure no one other than your spouse is on the deed (or else talk to a lawyer). If you assign a Power of Attorney (POA), require him/her to make an accounting to the family or your close friends. Everyone (family or friends) should see banking and credit card statements and all receipts, as well as bills from your service providers (electric, EZpass, cable TV, phone, etc).
I'd like to tell the thieves to stop and think about how much they've dishonored their parents. These thieves are a disgrace to their families and society. They should be shunned. Hopefully, the thieves will one day pay a price, either in this world or the next.
To those who have witnessed this shameful act and couldn't stop it, know that you are not alone. We must unite to at least warn people. Hopefully, we can get banks to change their procedures for the elderly and to better identify instances of elder financial abuse.
RANT ALERT-To law enforcement, banks, Social Security Administration and the IRS; what the heck are you people doing!? Beyond identity theft in general (which is pretty much what this is), what if the stolen money was being used to commit other crimes, such as drug use. Would you not be interested in following up? Perhaps you could put a drug operation out of business and get some druggies off the roads before they maim or kill someone (your loved ones drive, right?). Bankers, you sure know how to take care of your customers. I would think a computer could be programmed to flag suspicious activity. I guess you'd rather rack up overdraft transaction fees though. Meanwhile, money we pay in taxes to social security for use by the elderly is being spent by someone else. And I guarantee these funds are NOT being reported to the IRS. I recognize it's not the individuals, but the institutions. I'm very disappointed.
How can I learn more?
I've placed links on the left side to the better websites. Thank you for visiting.