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Elder financial exploitation decimates the savings and lives of older adults every day. Approximately one in every five older adults in this country has been the victim of financial exploitation. Elder financial exploitation is perpetrated by professionals who have a fiduciary duty to the elder such as guardians, financial advisors, brokers, lawyers, bankers, and accountants, by professionals who target older adults in order to exploit them, and by family members, friends, and strangers.
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Frequently Asked Questions
Financial exploitation of an elder is the illegal or improper use, control over, or withholding of property, income, resources, or trust funds of an older adult by another person or entity for that person’s or entity’s profit or advantage.
- Large, frequent, or unexplained account withdrawals, transfers, or charges
- ATM withdrawals or transfers where the elder doesn’t use an ATM machine
- Non-sufficient fund activity
- New pattern of writing checks to “cash”
- Uncharacteristic wiring of funds
- Uncharacteristic credit card balance
- Uncharacteristic spending or gifting
- Naming of new or suspicious person as joint accountholder
- Checks written as “loans” or “gifts” to new or suspicious person
- Sudden changes to an older adult’s will, trust, or power of attorney
- Hiring new attorney to draft/make changes to elder’s legal documents rather than using elder’s previous attorney
- Appearance of new “best friend” who isolates or controls older person
- Unpaid bills
- Closing of CDs or other accounts without regard to penalties
If you or a loved one has been the victim of elder financial exploitation, you may be able to sue the person or company that exploited you. Lawsuits by or on behalf of financial exploitation victims can be successfully brought in Washington where the wrongdoer is an identifiable individual or company, has recoverable assets or liability insurance, and is within the United States.
SGB’s attorneys have the knowledge and experience to successfully pursue elder financial exploitation cases and bringing justice to victims. We are compassionate and zealous advocates. We are here to fight for your rights.
If you or someone you love has been the victim of elder financial exploitation, let SGB help. There is no charge for us to review your potential claim. Our approach is to investigate your claim and help you determine the best course of action. Contact us for a free, confidential case review or call us at (800) 809-2234.