Tarrant County is seeing a higher incidence of elderly exploitation cases, accounting for about 30% of economic crimes that come through that office. The US Consumer Financial Protection Bureau is investigating eleder exploitation and is seeking public comments to aid in that process. They are looking for resources that the elderly can use to help them choose financial advisers and to evaluate their credentials. The Bureau is not only searching for unfair, abusive, and deceptive practices aimed at the elderly population, but also for military pension buyout schemes.
In 2010, Americans age 60+ lost at least $2.9 billion to financial exploitation. Many of the victims are women and many of the perpetrators are family members. This is a 12 percent increase from 2008.
See Tarrant County Seeing More Cases of Financial Exploitation of Elderly, Estate of Denial, June 20, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
