April - June 2019

Financial Elder Abuse A Painful Crime that Hits Close to Home Financial elder abuse is the fastest growing form of elder abuse. Broadly defined, financial elder abuse is when someone illegally or improperly uses a senior’s money or other property. Financial elder abuse is tough to combat, in part because it often goes unreported. Many elderly victims are too confused, fearful, or embarrassed by the crime to report it. One recent study reported by Consumers Digest estimates that at least 5 million cases of financial elder abuse occur in the United States each year, but law enforcement or government officials learn about only 1 in 25 cases. Several years ago, while working for Perkins Police, Dan McLaughlin investigated a case of financial elder abuse in response to a call from Sam Artino regarding a theft by a family member of his mother’s assets. The family member was his mother’s Power of Attorney. Sam’s mother’s health had been failing and he was appointed her guardian. When he looked into her finances, Sam discovered a life insurance policy had been cashed in by his mother’s Power of Attorney. He discussed the situation with his brother. They concluded they needed to file a police report. Sam explains, “Reporting is not a simple thing to do. It’s embarrassing when it’s a family member who is perpetrating the crime against your own mother. To me, it was just appalling. It wasn’t an easy decision, but we knew it had to be reported.” Following an investigation by Perkins Police, charges were filed, and the case went to trial. The family member was convicted and ordered to pay restitution. There’s a lesson to be learned from this sad story. Financial elder abuse hits close to home. It can happen in any family. Your Financial Power of Attorney or Health Care Power of Attorney has a duty to act in your best interest. If they don’t, they are committing a crime. You can protect yourself and the people you care about: • Assign money management jobs to trusted family members. • Set checks and balances to minimize the chance of financial fraud. • Involve multiple family members in financial matters to reduce the potential for a single point of failure. • Get to know who’s on the team—healthcare, legal and financial professionals—and become familiar with all related documents. For more information about financial elder abuse, please attend Serving Our Seniors Money Matters classes presented by Dan McLaughlin, Erie County Financial Elder Abuse Investigator. A schedule of classes is included in the Calendar of Events. If you see or suspect financial elder abuse, report it to Adult Protective Services of Erie County (419-626-5437), the Erie County Prosecutor’s Office at (419-627-7735) or Serving Our Seniors (419-624-1856). Sam Artino (left) and Dan McLaughlin Like us on www.servingourseniors.org 15