Elder/Senior Citizen Financial Abuse Claims
Financial abuse of the elderly is one of the most troubling problems we face today, and it is growing as America ages. Many of us have witnessed it first hand and have had to deal with it in our own lives. Elderly victims lost at least $2.6 billion in 2008 and $2.9 billion in 2010. Twenty percent of those over the age of 65 have been victims of financial abuse. Some victims have lost their entire life savings to persons who prey on the elderly.
Studies and surveys of regulators, financial planners, healthcare professionals, social workers and other experts have shown that senior citizens are very vulnerable to fraud. Sixty percent of those professionals said they encounter instances of elder financial abuse frequently. Thirty-five percent of those over the age of 71 have mild cognitive impairment (MCI), which impairs judgment and makes them four times more likely to become a victim of financial fraud. Others have more serious cognitive impairments.
All of us have a duty to report elder abuse to the authorities. We also have at least a moral duty to investigate if we see signs of elder abuse. If suspicions are confirmed, we have a duty to intervene and do something about it.
If you or a loved one have investment losses or problems involving elder financial abuse, call the lawyers of Page Perry for experienced representation at (770) 673-0047 or (877) 673-0047 (toll free).