Elder Financial Abuse Horror Stories
According to the National Committee for the Prevention of Elder Abuse (NCPEA), elder financial abuse is an issue that effects thousands of elderly individuals on a yearly basis. Elder financial abuse can span a wide spectrum of incidents that involve wrongfully taking money or property from the elderly. These horrific acts can include: forging an older person’s signature, getting an older person to unknowingly participate in a scam, and using deception or coercion to get an older person to sign a new deed or will.
Examples of Financial Elder Abuse
A recent Yahoo publication revealed instances of elder financial abuse throughout the United States. These stories were submitted by individuals, like yourself, who struggled to repair the damage caused by scams, forging, deception, and other cases of elder financial abuse. Elder financial abuse often occurs in the following types of scenarios:
- False Sweepstakes Winnings — One of the most popular scams involves false claims about winning a sweepstakes. The scammers send fraudulent letters to the elderly that say in large print “You have won $500,000,” and in much smaller print the disclaimer that “this could be you.” In an effort to “claim their winnings,” elderly individuals are encouraged to send subscription payments. These horrific types of stories often end with the elderly losing the majority of their money, while simultaneously feeling hopeless that their big payday never came.
- Out of Country Scammers — Out of country scam artists tend to use letters and emails to convince the elderly to send money in some sort of investment scheme. Many times the scammers will convince older individuals that they need to wire money to pay for the out of country duties and taxes before they can receive their payout. The results are thousands of dollars being wired overseas to scammers who are conducting intricate elderly financial abuse scams.
- Promises of Offshore Accounts And Telemarketer Woes — All too often there are stories about elderly individuals who have “invested my money with an offshore account.” These types of scams usually begin with a phone call. The individuals on the other end of the phone will convince older persons to use a credit card to purchase life insurance or give money to a false charity. Other popular scams include convincing the elderly to send cash to offshore accounts for tax breaks and investment opportunities.
If these elderly financial abuse horror stories sound all too familiar, or if you are worried that a family member might be a victim of a scam, it is important that you contact an elder abuse attorney. Since 1991, Garcia, Artigliere & Medby has served as a fearless advocate for the rights of the elderly. Contact Law Garcia via phone 1-800-281-8515 today.