It’s estimated that elder abuse goes
unreported in as many as 85 percent of cases, and financial exploitation
of elder adults may go unreported in as many as 95 percent of cases.
But state enforcement initiatives are bringing greater attention to the
problem.
Several
organized schemes target older adults in our state. Conmen will attend
funerals and glean information from obituaries to generate false reports
of debt. Corrupt financial advisers may routinely encourage the
purchase of specific annuities that generate considerable commissions
for the adviser, preying on only their elderly clientele. Charitable
giving, telemarketing and internet fraud schemes abound.
The
main perpetrators of financial abuse against the elderly are relatives
of the elderly person or someone they hold in their confidence. While
these cases are usually isolated to one victim, crimes perpetuated by
professionals may escalate into patterns of deceit and exploitation.
Predators
may gain a victim’s confidence by feigning family connections as
someone they can trust. They prey on older people who are lonely,
isolated, uninformed, disabled, trusting or grieving. A predator will
look for a victim who is unlikely to become aware of the crime, does not
have the health or resources to report the crime, or is someone they
can shame and control.
In the last year alone,
insurance agents, financial advisers, caretakers and health
professionals were all convicted in fraud schemes against their elderly
clients in our state. Several received felony convictions, owing
restitution to the victim. However, many more victims may have been left
uncompensated when they weren’t aware of the deceit.
As
recommended by the National Association of Attorneys General, Michigan
took direct steps over the last eight years to identify and prosecute
elder abuse.
In May 2018, Michigan Attorney General
Bill Schuette expanded the attorney general’s Criminal Division,
creating a separate division to investigate and prosecute financial
crimes.
Financial abuse of an elder adult is
currently prosecuted under the Michigan penal code and rises to the
level of a felony when it can be proven that more than $1,000 was
obtained fraudulently.
I have introduced Senate
Bill 56, which amends the racketeering statute. The bill will make
investigations of elder financial racketeering possible when a financial
scam against vulnerable adults is perpetrated by an organized group or
over a period of time.
SB 56 will help to further educate and prevent financial crimes against the elderly.
Full Article & Source:
Opinion: Prosecute financial exploitation of elderly
1 comment:
The more cases prosecuted send a strong message to the perps.
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