Financial Elder Abuse

Financial exploitation of the elderly is becoming an increasingly familiar problem. Regular review of news headlines reveals that elders and vulnerable adults are victimized routinely by frauds, scams and identity theft, at the hands of strangers as well as loved ones, not only in the United States, but throughout the world. As technology advances, perpetrators keep step by becoming more creative.

Older individuals may be targeted merely because they possess more assets, such as savings, annuities and retirement accounts, stocks and bonds, insurance policies, and property than younger people. Those with cognitive impairments, mental health conditions, or physical disabilities may be dependent upon others (family members, friends, formal and informal caregivers, or court appointed representatives) for assistance in making financial decisions or carrying out daily transactions, and therefore may be even more vulnerable to theft, exploitation or undue influence.

According to reports, up to 200,000 seniors in California suffer financial abuse. But most instances of financial abuse are not reported.  Seniors lose billions of dollars each year to unscrupulous financial advisers.  If you are 65 years of age or older, you have rights under California’s elder abuse act that were created to help you obtain recovery, including attorneys fees, from those that violate your rights.

If you are concerned about your investments, please contact Wittenberg Law to discuss your legal rights and options.