Scarlet Fever

A FEW FACTS

Cases of elder abuse are likely underreported, according to the National Center on Elder Abuse.

The cost of same are estimated to range between $2.9 billion and $36 billion annually.

No one knows because this is hidden within families and caregivers, hence the above large spread.

Unfortunately, banks are part of the problem. Banks reported 24,454 cases of elder abuse, financial, to the Treasury Department in 2018. Up twelve percent from 2017 and double that reported for 2013. Where the banks fit into this is that a banker may have given bad advice to a client, not realizing the client was beginning to suffer from dementia or Alzheimer’s. There have also been intentional acts of financial advisers who have given advice favorable to the bank but unfavorable to the investor.

There’s enough blame to go around.

Given that this primarily occurs within families and friends of the afflicted, it is highly unlikely that the fraud can be truly diminished, no matter what laws are passed.

Greed will ever remain one of the Seven Deadly Sins.