Summary of “America’s Elderly Are Losing $37 Billion a Year to Fraud”

Her family didn’t realize something was wrong until she started asking to borrow money, a first for a woman they admired for her financial independence.
One financial services firm estimates seniors lose as much as $36.5 billion a year.
Now co-chief of the Division of Geriatrics and Palliative Medicine at Weill Cornell Medicine and New York-Presbyterian Hospital, Lachs says elder abuse victims-including those who suffer financial exploitation-die at a rate three times faster than those who haven’t been abused.
“Financial exploitation causes large economic losses for businesses, families, elders and government programs, and increases reliance on federal health care programs,” warned a 2014 elder justice report Connolly helped prepare.
In February, the Justice Department announced “The largest coordinated sweep of elder fraud cases in history,” charging more than 250 defendants with schemes that caused 1 million mostly elderly Americans to lose more than $500 million.
Thirty-nine of them and the District of Columbia addressed financial exploitation of the elderly in last year’s legislative sessions, according to the National Conference of State Legislatures.
The dirty little secret about elder exploitation is that almost 60 percent of cases involve a perpetrator who is a family member, according to a 2014 study by Lachs and others, an especially fraught situation where victims are often unwilling, or unable, to seek justice.
While many families don’t intervene when they suspect a family member is abusing an elderly relative, Philip Marshall did, in a famous example of elder exploitation.

The orginal article.