Who are Potential Perpetrators of Elder Financial Fraud?
Elderly victims tend to suffer financial fraud from individuals they rely upon to perform a task or service. In many instances, seniors are unaware that they are victims which requires an advocate who understands the potential risks of financial fraud. For those who have proximity and access to an elderly person they need to actively protect those who are least capable in protecting themselves. Modern life has resulted in the dissolution of the traditional family ties as family members relocate in pursuit of careers and parents retire in sunny Florida. Over time, parents are less able to handle their own care, let alone their finances. Individuals who may be perpetrators of elder financial fraud can be:
- family members and caregivers;
- friends, neighbors or acquaintances;
- telephone and mail scammers;
- internet scammers;
- home repair contractors;
- Medicare scam operators;
- persons with power of attorney authority to access your money; or
- financial advisors.
Individuals upon whom elderly persons depend to perform a service are potential perpetrators of financial fraud. Many of the basic functions of daily living become more difficult for an elderly person which increase the reliance upon “others” to act in their best interest. From the simple theft of personal items to an elaborate scheme designed to defraud an elderly person of their life savings, protecting the elderly is every decent person’s business and obligation.
Klayman & Toskes, P.A. is dedicated to the rights of elderly investors and their families. State of Florida Statute 825.103 is designed to punish perpetrators of “elder financial fraud” and protect the exploitation of elderly persons. A financial advisor or other person engages in elder financial fraud if they:
- Knowingly, by deception or intimidation, deprive the victim of use or benefit of personal funds;
- By an individual who know or reasonably should know that elderly person lacks capacity to consent; and
- Breach of fiduciary duty to an elderly person which results in an unauthorized appropriation.