Three groups announced today that they’re launching the Elder Investment Fraud and Financial Exploitation Prevention Program Legal.
* Recognize clients’ vulnerability to financial exploitation and investment fraud due to mild cognitive impairment,
* Identify elder investment fraud and financial exploitation in their clients.
* Reported suspected instances of elder investment fraud and financial exploitation to appropriate authorities.
“We know that a shockingly large number of older Americans are already victims of financial swindles, and millions more are in danger of being exploited in such a fashion,” said Don Blandin, chief executive of the Investor Protection Trust, a nonprofit organization that conducts investor education. “Front-line legal professionals who deal everyday with older Americans are ideally positioned to spot the impaired mental capacity that can leave seniors vulnerable to financial abuse.”
While lawyers work closely with the finances of seniors, they aren’t properly trained in how to spot signs of financial exploitation, said Charles Sabatino, director of the ABA’s Commission on Law and Aging.
“This project directly benefits the legal profession and the older clients whom they represent,” he said.
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Three Groups Join Forces to Teach Lawyers How to Spot Financial Exploitation in Elderly Clients