Financial Exploitation

What is Financial Exploitation? Financial Exploitation occurs when a person misuses or takes the assets of a vulnerable adult for his/her own personal benefits. This frequently occurs without the explicit knowledge or consent of a senior or disabled adult, depriving him/her of vital financial resources for his/her personal needs. Assets are commonly taken via forms of deception, false pretenses, coercion, harassment, duress and threats. The following are some commonly reported forms of financial exploitation reported to Adult Protective Services (APS) agencies:

• Theft: involves assets taken without knowledge, consent or authorization; may include taking of cash, valuables, medications or other property.

• Fraud: involves acts of dishonesty by persons entrusted to manage assets but use appropriate assets for unintended uses; may include falsification of records, forgeries, unauthorized check-writing, and Ponzi-type financial schemes.

• Real Estate: involves unauthorized sales, transfers or changes to property title(s); may include unauthorized or invalid changes to estate documents.

• Lottery scams: involves payments (or transfer of funds) to collect unclaimed property or “prizes” from lotteries or sweepstakes.

• Insurance: involves sales of inappropriate products, such as a thirtyyear annuity for very elderly person; may include unauthorized trading of life insurance policies.

According to research funded by the U.S. Justice Department, about 1 in 20 older adults report being financially abused by a family member. Money lost is only part of the profound price paid by seniors who are financially exploited. Because the perpetrator is typically a family member or caregiver, experts say being financially exploited can deeply undermine a person’s ability to trust others, and lead them to withdraw and become isolated, which can make a person more vulnerable to re-victimization. Studies show financial abuse can increase hopelessness and risk for depression and raise suicide risk.

Together, we can help prevent Financial Exploitation of our seniors that reside in Long-term Care facilities and in the community. You can report financial exploitation and other abuse of vulnerable adults to APS via online at www.OKHotline. org or by phone at 1-800-522-3511. If you would like further information regarding long-term care issues, financial exploitation, abuse prevention, or are interested in becoming an ombudsman volunteer, please contact Tim Nicholson or Scott Harding, EODD Ombudsman Supervisors at 918-682-7891.