One of the most persistent forms of elder abuse is financial exploitation, a practice that is quite common (but not exclusively) found in nursing homes and assisted living facilities. Those who have parents or other relatives residing in these communities need to take quick action to put an end to this theft. But how can they identify it in the first place?
At Bornstein & Emanuel, P.C., we understand what it takes to stop financial exploitation and seek restitution from the abusers and those who allow the abuse to occur. If your senior family member was a victim of theft or other financial harm in Nassau or Queens, let us help you file a claim for monetary compensation.
How to Identify Financial Exploitation
Fraudsters, scammers, and others frequently target senior citizens, believing they are vulnerable or lacking sufficient sophistication – or even cognizance – to know they are being abused. These criminals often prey upon residents of nursing homes and other facilities, although financial exploitation can strike anyone, anywhere.
Put simply, financial exploitation is the illegal, improper, or unauthorized use of a person’s finances, assets, or property. From bank accounts and other intangible assets to real and personal property, it is a form of theft and misuse. It can happen at the hands of anyone, including:
- Nurses
- Caregivers
- Nursing home staff
- Neighbors
- Friends
- Business associates
- Family members
- Strangers
These are a few signs that an elderly person in Nassau or Queens has or is likely to become a victim:
- Unusual bank and other financial transactions: If you have access to the person’s finances and notice unusual activity, this should be a major red flag. Unexplained withdrawals, large purchases, and recurring transactions should invite closer scrutiny.
- Changes in legal documents and policies: Wills, trusts, deeds, life insurance policies, and other instruments should not abruptly change. For instance, adding a new heir to a last will and testament (especially someone you don’t know) is a potential problem.
- Unexplained changes in account status: Many older individuals only need relatively simple banking and other financial services. If the account has suddenly changed to something more complicated, offering unnecessary services, then look into it more.
- New “friends” taking an interest in the person: Although there is nothing inherently wrong with a senior citizen making new friends, does something feel off about the relationship? Is there a significant age disparity between them, or is the individual taking unusual and inappropriate interest in your family member’s finances?
- Sudden financial problems: You probably have an idea of how responsible your family member is, so it should surprise you if bills suddenly go unpaid or there are other issues due to lack of funds. This is a strong indicator that someone is draining the person’s bank account.
- Missing property: Items of personal property, especially valuable ones like jewelry, should not suddenly go missing. If the individual has property stored somewhere besides their Nassau or Queens residence, you should periodically check to ensure it hasn’t been removed.
- Reluctance to discuss the problem: Perhaps you have brought the above and other matters to the attention of your loved one, but they refuse to talk about it. This could be an indication that they are too embarrassed or even afraid to admit that they are being exploited.
How to Stop Financial Exploitation
Whether you have proof that the elderly person is being exploited or you simply suspect it, we recommend that you do the following:
- Have a talk: It’s a good idea to directly and clearly bring the issue up and talk about it with your loved one. Although it can be an uncomfortable conversation, having it could prevent major theft and property loss.
- Report the problem: Contact any banks or financial institutions that can assist, and make sure you follow up with the contact person. Report fraud, freeze accounts, and try to track down and restore the missing funds. Persistence in this area can pay off.
- Notify management or adult protective services: If your family member resides in a nursing home facility in Nassau or Queens where exploitation is occurring, let the management know right away. You should also contact adult protective services or a similar agency in your area.
- File a police and FBI report: Contact local law enforcement and find out how to report any criminal activity. You can do the same with the FBI. An experienced lawyer can help, which leads to the final and perhaps most important step.
- Retain an experienced law firm: While there is recourse in the criminal justice system, an attorney in Nassau or Queens can help you take civil action as well. This step may allow you to recover funds or compensation from the criminals or those who allowed the abuse to happen.
If you’re ready to put an end to elderly financial exploitation or you’d like to learn more about it, contact Bornstein & Emanuel, P.C. today.
