financial exploitation and abuse of elders

FINANCIAL EXPLOITATION AND ABUSE OF ELDERS

Gregson Parker CPA/CFF, CFESeptember 19, 2012

FCDEC

The Stats:• 4-20% of over-65 adults are victimized• 450,000 new cases every year• $2.9 billion in 2010 (up $300M from

2008)• 51% by strangers• 34% by family and friends• Twice as many female victims (most

age 80-89)• 60% of perpetrators are male (most

age 30-59)• Willie Sutton:

Over-50’s control 70% of nation’s wealth

FCDEC September 19, 2012

The Flags:• Lives alone• Single caregiver/companion• Restricted mobility (can’t

drive/shop/get to medical services)• Memory impairment or loss/dementia• Moves to new address• Telephone number changes or

becomes unlisted• Needs/gets assistance with

medications• Changes in visitation patterns with

friends / church• Changes in wills, PoA, titles, and

policies

FCDEC September 19, 2012

The Financial Flags:• Cash withdrawals/money orders/wire

transfers• Bank account changes• Delinquent bills, including rent and

mortgage• Missing cash (or other items of value)• Substandard care despite apparently

adequate resources• Bounced checks• Financial information not available• Names added to accounts• New debit or credit cards• Utility shut-offs• Inordinate number of charity solicitations,

by mail or phone, esp. “Follow-up to a pledge”

FCDEC September 19, 2012