Crime of the 21st Century - Financial Elder Abuse

Elder financial abuse has been characterized as the “crime of the 21st century.”

Tips for Seniors, Families to Help Prevent Financial Elder Abuse

Luciana Cramer

Don’t kid yourself: The enemy is formidable, and very real. Financial elder abusers are often creative, like the doctor in Florida who diagnosed everything as cancer, even a piece of chewing gum, and subjected 865 of his patients to multiple unnecessary surgeries. Financial abusers are often educated, like the New York State judge who forged his aunt’s power of attorney and took $163,000 from her accounts. Abusers are cunning, like the former insurance agent in California who forged his aunt’s signature to make withdrawals from the very same life insurance he sold her. Abusers are greedy, like the Houston lawyer who sold over $10 million in fraudulent securities to more than 80 victims. And they are determined to get away with your money.

Characterized as the “crime of the 21st century,” elder financial abuse is generally defined as “the unauthorized use or illegal taking of funds or property of people age 60 and older.” It is pervasive in every community and in all economic levels. It is under-recognized, under-studied, under-reported (only one in 44 cases are reported to law enforcement) and under-prosecuted. And elder financial abuse costs U.S. residents a jaw-dropping $2.9 billion each year.

With more than 70 percent of the nation’s wealth being controlled by people older than age 50, and with more than 40 million people age 65 or older, American seniors make attractive targets for abusers. Many seniors also experience decreased cognitive functioning due to mild cognitive impairment or beginning Alzheimer’s disease, which affects judgment and decision-making skills, making them more vulnerable to people looking to deceive them.

Learn more: http://www.noozhawk.com/article/preventing_financial_elder_abuse_20140203

"Medical building went missing from L.A. County tax rolls"

Redondo Beach facility's owners did not receive a tax bill for three years. It is one of 15 cases of questionable assessments forwarded to the D.A.'s office.

The Prospect South Bay Medical Center in Redondo Beach is home to dozens of doctors' offices — cardiologists, obstetricians and an urgent care center.

But for three years, the $11-million, 47,000-square-foot building disappeared from the Los Angeles County tax rolls. During that time, county officials acknowledge, they never sent a tax bill to the owner.

The assessor's office forwarded the case of the missing building and 14 other questionable assessments to the Los Angeles County district attorney last month following inquiries from The Times.

Prosecutors are in the midst of an influence-peddling probe of the county assessor's office, examining hundreds of properties suspected of getting illegal tax reductions from a former county appraiser.

Assessor officials said they could not explain why one of those buildings vanished from the roll.

http://www.latimes.com/news/local/la-me-assessor-20120927,0,3717044.story

"Slander of Real Estate Titles?"

http://losangeles.blockshopper.com/search?ref=sections%23index&q=thelsey ???

Financial Elder Abuse Costs Nearly $3 Billion a Year

The MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders further illuminates the widening problem of elder financial abuse.

The full report may be reviewed here:

http://www.metlife.com/assets/cao/mmi/publications/studies/2011/mmi-elder-financial-abuse.pdf

See also: http://www.MatureMarketInstitute.com

It can also be ordered by writing to:

MetLife Mature Market Institute
57 Greens Farms Road
Westport, CT 06880

Financial abuse can take many forms. The National Council on Aging says to watch for these signs of financial abuse:

• The elderly person’s living conditions are well below his or her financial resources;

• Unusual or inappropriate bank account activity is occurring;

• Frequent checks for “cash” are written to a caregiver, financial professional or other;

• Bills go unpaid or are overdue, when someone is supposed to be paying them;

• The elderly person transfers title of his or her home, or other assets,
without reason;

• Large, frequent gifts are made to a caregiver, or other;

• The elderly person is reluctant to talk about once-routine topics;

• Personal belongings are missing;

• Someone attempts to isolate the elderly person from others;

• Changes are made in a will, banking arrangement or professional relationship;

• The elderly person takes out large, unexplained loans;

• A live-in caregiver refuses to leave or is evasive about financial arrangements.

Frequently, the victim will be ashamed. If a family member raises a financial issue, the elderly person may awkwardly try to change the subject. Often, when financial abuse has occurred, it may be too late to report a crime; the perpetrator has absconded. If the abuser is a family member, the elder will often refuse to sign a complaint.

Financial Elder Abuse Costs Nearly $3 Billion a Year