Elder Financial Abuse
In 2009, MetLife published a study on Financial Elder Abuse that contains the following finding:
- Strangers are responsible for 51% of elder financial abuse, 34% of the financial exploitation of seniors is done by family, friends and neighbors, 12% is attributable to the business sector and Medicare/Medicaid fraud accounts for 4%.
- Women are twice as likely as men to victims of elder financial abuse, with most being between the ages of 80 and 89 and living alone or in a healthcare facility.
- Nearly 60% of the persons responsible for taking advantage of senior citizens are men between the ages of 30 and 59.
- Dollar losses over the holidays due to family, friends and neighbor perpetrators were overall higher than any other category.
A copy of the MetLife Elder Financial Abuse Study can be downloaded here.
Over the years in our securities law practice we have seen in the vast majority of cases that the victims are elderly and retired and oftentimes suffering from a one or more age related illnesses.
For the most recent events regarding Financial Elder Abuse, please visit the categories devoted to that topic on our Investment Recovery Loss BLOG.
Financial Exploitation of the Elderly
Recognizing the severity of this problem, most states have created agencies and/or
enacted legislation to specifically address this problem for our senior citizens.
Examples include:
Florida
Department of Elder Affairs
Florida Statute 825.103
Texas
Adult Protective Services
Texas Attorney General-Protecting Seniors from Financial Exploitation
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
