In 2016, thirty-three states along with the District of Columbia and Puerto Rico considered measures against the illegal use of seniors’ money, property, or assets as well as fraud or identity theft targeting elders, while some states shored up their existing laws. As the Baby Boomers roll into retirement, the number of older people attracts a greater amount of people eager to prey on them. Unfortunately, financial exploitation of the elderly is often overlooked and underreported because there are no formal government-run systems for complaints or interventions. Accordingly, stiffer penalties are necessary to combat the growing drain on older Americans’ savings.
See Elizabeth Olson, Declaring War on Financial Abuse of Older People, N.Y. Times, April 14, 2017.
Special thanks to Naomi Cahn (Harold H. Greene Professor of Law, George Washington University School of Law) for bringing this article to my attention.
