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Financial Exploitation

Financial Exploitation. For Court Officials NYC Elder Abuse Training Project. Financial Exploitation. Illegal or improper use of the resources of an older person for personal benefit, profit or gain Can involve misuse of a Power of Attorney

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Financial Exploitation

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  1. Financial Exploitation For Court Officials NYC Elder Abuse Training Project

  2. Financial Exploitation • Illegal or improper use of the resources of an older person for personal benefit, profit or gain • Can involve misuse of a Power of Attorney • Fastest growing form of elder abuse in New York State

  3. Signs in Victim’s Environment • Deviations in financial habits • Numerous unpaid bills • Checks made out to cash • Little money while awaiting next check • Elder unaware of monthly income • Disparity between assets and lifestyle • Personal belongings missing • Lack of amenities elder can afford • Recent will when elder incapable • Unprecedented transfer of assets

  4. Signs in Abuser • Receives frequent expensive gifts from elder • Asks only financial questions, not caring questions • Refuses to spend money on elder • Misuses power of attorney

  5. Typical Perpetrator • Unemployed relative • Child or grandchild • Financially dependent on victim • Substance abuser, gambler and/or emotionally disturbed

  6. Other Perpetrators • Paid caregivers • Friends • Fiduciaries

  7. Can Be Devastating • More upsetting than theft by a stranger • Trust has been violated • May deny or minimize

  8. Criminal Charges • Misdemeanors: Petit Larceny, Forgery, Fraudulently Obtaining Signature, Unlawful Use of Credit Card • Felonies: Burglary, Forgery, Grand Larceny, Grand Larceny by Extortion, Robbery, Scheme to Defraud

  9. Bank Withdrawals • Unexplained withdrawals usually in round numbers • Senior’s life savings may be withdrawn • To investigate, forensic accountant will track pattern of banking for one year • Banks will often cooperate to block an account if asked by police or courts

  10. Joint Accounts • Relative, friend or home care worker may open a joint account with the senior • Gives them legal right to withdraw money • If exploited, little can be done unless senior did not have capacity when signing papers to open the joint account

  11. Misuse of Power of Attorney • Person designates an agent to act on their behalf • Covers only financial matters • Can be an effective tool • Not legal if person signing lacks mental capacity or is coerce • Criminal case if obtained illegally or if funds are misused

  12. Forgery of Checks • In cases of forgery, bank must restore funds • If a senior signs blank checks, must prove criminal intent • Seniors with dementia may not remember signing the check

  13. Other Types of Exploitation • Forgery of checks • Misuse of ATM or debit cards • Fraudulent wills or property transfers • Theft of money or property by home care worker • Theft by Fiduciaries

  14. Capacity • Exploitation cases can hinge on capacity of victim to sign financial documents

  15. Testamentary Capacity • Person has enough mental capacity to • Understand what a will is • Recollect the nature and extent of his property • Understand relationship to his living descendants and others who will be affected

  16. Capacity to Sign Contracts • Understanding what a contract is and the consequences of the contract • For proper consent, person must • Understand the transaction • Have mental capacity to contract • Act voluntarily, free from threats of force

  17. Testimonial Capacity • If impaired person lacks testimonial capacity, court may decide to admit unsworn testimony court deems he or she is intelligent enough to add important information

  18. Undue Influence • Term denoting excessive pressure • Using role and power to exploit the trust, dependency and fear of the victim • Consequences can be devastating for victim

  19. Factors that increase vulnerability • Recent bereavement • Physical disability • Isolation • Lack of knowledge of one’s own finances • Cognitive impairment

  20. Perpetrators • Start with trusting relationship with victim • Family members • Caregivers • Neighbors, friends • Con artists • Fiduciaries

  21. Actions to Gain Control • Isolate victim • Convince victim no one else cares • Make victim dependent

  22. Resources for Financial Management • Adult Protective Services arranges financial management for clients • Some community agencies provide daily money management • Area agencies on aging can make referrals

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