Churning: Financial Abuse of the Elderly in the Insurance Context
July 21, 2017
Who Commits Elder Abuse?
April 24, 2017
Elder abuse can be committed by pretty much any person or entity. However, this reprehensible conduct occurs more frequently in certain contexts and by certain individuals and entities.
Physical elder abuse may be committed by trusted caregivers, in nursing or old age homes, by financial advisors and "experts," in residential care or long term care facilities, and by friends, family and acquaintances.
Financial elder abuse is often committed by an adult child or trusted family member of the victim. Examples include where a family member convinces an elderly person to transfer title to real estate from the elderly person to the family member "just in case" and without giving any value to the elderly person in exchange for the transfer.
Other examples may include where a new "friend" (or old friend, for that matter) convinces a senior citizen to take out an home equity line against the elderly person's home and draw down on it to "invest" in a fraudulent scheme.