People work their entire life, saving money and accumulating assets so that their later years are enjoyable. In some cases, they never get to reap the reward for their efforts. Many older adults in New Jersey are the targets of schemes to defraud them of their savings by relatives, people they trusted, nursing home staff and administration, as well as strangers looking to profit off of the elderly.
If you believe you or a senior loved one was a victim of financial fraud, contact our New Jersey attorney for victims of financial fraud on an elderly person. Call the Reiff Law Firm toll-free at (215) 709-6940 for a free and confidential consultation today.
Elder Financial Fraud in New Jersey
Elderly adults are often the victim of financial fraud or abuse. Fraud is the illegal use of deception for personal or financial gain. Often, determining the full effects of financial fraud on elderly New Jersey residents is difficult. Seniors might be embarrassed for falling victim to a scam by a stranger or a once trusted relative. Furthermore, they might not even realize they were a victim of a crime.
Common Types of Financial Fraud Throughout New Jersey
Senior adults are typically targeted for financial fraud because they are often lonely, isolated, or might be suffering from dementia or other cognitive issues. Many times, an older adult will be deceived into signing a power of attorney, a deed transfer, or another legal document that deprives them of their rights or property. The following are other types of fraud usually targeted against older adults.
- Unnecessary home repairs
- Improper use of a power of attorney
- Forged or improper signatures on their checks
- The theft of jewelry, money, or other personal property
- Misuse or abuse of debit of credit cards
- Charging inflated prices for services
- Highly risky or fraudulent investments
- Internet or telephone marketing scams
- Unauthorized use of signature or assets for personal loans
If an elderly family member has been the victim of any of the above conduct, or any other suspicious financial dealings, immediately call our New Jersey attorney.
Common Signs of Financial Fraud Against an Older Adult
Elderly adults are typically the victim of financial fraud because people tend to believe them to be vulnerable and easily manipulated. Criminals will exploit their cognitive weaknesses, their loneliness, and their emotional dependency. Often, people will deceive a trusting older adult, claiming they are a financial expert or that they are acting in the senior’s best interests. Many victims of financial fraud are embarrassed that they allowed someone to take advantage of them or they might be utterly unaware that they were preyed upon.
Their family members and loved ones must be aware of the common signs of elderly financial abuse. Typically, there will be noticeable changes in their behavior or financial situation. By recognizing the importance of these differences in behavior, further fraudulent conduct could be stopped. The following are some common signs or behaviors that should cause concern that financial fraud might be occurring.
- An elderly adult has started paying bills late or is failing to make payments even though the money should be available.
- There are several unusual or unexplained transactions on their bank statement.
- An older person suddenly experiences an adverse change in their economic situation.
- Valuable items such as jewelry or money become lost or misplaced without an explanation.
- Personal or legal documents are either missing or have been modified without notice or consultation.
- There is a new “friend” that the older adult is turning to for financial or personal advice.
- A noticeable change in their disposition occurs when an older person is talking about their financial situation. This could include not wanting to talk about money, a nervous response when finances are mentioned, or a hostile reaction when their economic situation is discussed.
Financial Fraud and Abuse in New Jersey Nursing Homes
When our older relatives are in a nursing home or long-term care facility, we believe that the staff and administration are providing the best care possible. Unfortunately, many staff members and administrators abuse their position of trust and power for financial gain.
Caregivers in New Jersey nursing homes could have substantial influence over their patients. That position of trust is sometimes violated. Older adults might find their personal property missing, their bank accounts drained, or their debit and credit cards abused or stolen. Additionally, the facility administration could be overcharging for medical services or ordering unnecessary tests or equipment.
If you believe an elder adult is the victim of financial fraud by either the facility administration or the staff, immediately contact our New Jersey attorney for financial fraud of elderly persons.
Preventing Elderly Financial Abuse and Fraud in New Jersey
There are several steps you could take to protect your elderly relatives and friends from financial fraud. First, ensure that they do not provide any personal financial information such as bank account numbers or their social security number any strangers. Additionally, you should insist that our experienced attorney should review any legal documents before the older person signs them.
Call Our New Jersey Attorney for Victims of Financial Fraud on an Elderly Person for a Free Consultation
When a senior citizen is the victim of financial fraud, the results could be devastating. The loss of life savings or the fraudulent transfer of property could ruin their remaining years. You need the dedicated representation of our New Jersey attorney for victims of financial fraud on an elderly person. Our lawyers have over three decades of experience fighting for the rights of older Pennsylvanians. Contact the Reiff Law Firm toll-free at (215) 709-6940 for a free and confidential consultation today.
