State Attorneys General Working to Stop Elder Fraud

What they’re doing to fight this ‘silent epidemic’

One in 10. That’s an estimate of how many people 65 and older suffer some form of abuse, be it physical, financial, or otherwise. And it is likely that the numbers are much worse than that, as only about one in 24 cases of elder abuse is ever reported.

Fortunately, efforts are being made to tackle this growing problem. Derek Schmidt, Kansas Attorney General and president of the National Association of Attorneys General (NAAG), is planning to collaborate with the other 55 AGs around the U.S. The goal will be to share information and figure out ways to stop the abuse.

“Elder abuse has been called the silent epidemic of our time,” Schmidt said. “It is a crime that too often operates in the shadows. But the numbers are staggering, and as the population age 65 and older continues to grow, it is clear that we all need to do more to combat this serious problem.”

Last year in Kansas, Schmidt created a Fraud and Abuse Litigation Division that focuses on elder abuse. Within this division is the Abuse, Neglect, and Exploitation Unit which handles financial crimes that involve securities or insurance.

To protect the more than 40 million people across the U.S. who are 65 and older, Schmidt has appointed a bipartisan group of four state attorneys general from Oregon, Rhode Island, Arizona, and Georgia who have made efforts in their states to fight elder abuse.

“There is no partisan divide on the commitment of state attorneys general to protecting seniors and combating elder abuse in all its forms,” Schmidt said. “I’m grateful for the commitment of my colleagues as we focus on this effort. Every state is different in its approach. My hope is that when this year is ended, we have identified some of the best ideas from around the country and made them readily available to adapt for other states.”

The results of the year-long initiative will be presented in April of 2018 in Manhattan, Kansas, at a national summit.

Elder abuse in any form can be devastating, and when it affects finances, it could have long-lasting repercussions. And while efforts are being made to protect older investors – such as impending new rules by FINRA – elder financial fraud continues to be a big problem.

Victims of financial abuse shouldn’t stay silent. If you or a loved one lost money, you may be able to get it back. To find out how, get in touch with the Silver Law Group. If your investment losses were due to misconduct, we may be able to help you by pursuing securities arbitration or other methods of legal recourse. For a free consultation, fill out our online contact form. The Silver Law Group is a contingency-based firm, so we don’t require a fee unless you recover money.