Financial Elder Abuse

Financial Exploitation of the Elderly

The frail elderly are particularly susceptible to financial abuse and exploitation. That is why California law contains special protections. The Elder Abuse and Dependent Adult Civil Protection Act defines elder financial abuse as whenever anyone "takes, secretes, appropriates or retains real or personal property of an elder or dependent adult with the intent to wrongfully use or defraud, or who assists in doing so." There are criminal penalties for conviction of elder financial abuse.

Take steps to help friends, neighbors and relatives

At the Pasadena and Orange County law firm of Russakow, Ryan & Johnson, our attorneys vigorously pursue cases of financial elder abuse. If you know of an elderly person who may be the victim of fraud or financial exploitation, contact a knowledgeable lawyer for advice and counsel.

Examples of financial abuse

Financial abuse and exploitation of the elderly can take many forms. Our attorneys have helped people who have experienced:

• Theft of assets such as Social Security checks, pension payments, checking or savings account, credit card or ATM
• Withholding portions of money obtained by cashing checks for the senior
• Charging unreasonable rent or excessive fees for transportation or personal services
• Coercing an elderly person into signing over their assets, such as investments and real estate through intimidation or threats
• Borrowing money in the elderly person's name and other kinds of fiduciary misconduct such or selling their assets without authorization
• Operating schemes such as the pigeon drop and the fake accident

Perpetrators can be trusted advisors and caregivers

These instances of elder abuse have been perpetrated by caregivers, relatives, neighbors, bankers, brokers, and financial advisors. If you are aware of financial abuse of a senior, contact a lawyer right away. Take steps to help an elderly relative, neighbor, or friend.