Elder Financial Abuse

Los Angeles Elder Financial Abuse Attorney

A survey conducted in 2010 by the Investor Protection Trust found that one in five Americans over the age of 65 have been victims of some type of financial fraud. It is becoming a major problem which is predicted to increase dramatically with our aging population.

The problem of elder financial abuse includes various types of exploitation including telemarketing scams, signature forgery, using coercive or deceptive methods to gain power of attorney, misappropriating funds, and misusing or even stealing an elderly person’s money or possessions. Often, the fraud involves banks – unexplained withdrawals of large sums of money from accounts or ATMs, or name changes on bank accounts and/or signature cards.

Sadly, many of the perpetrators of this abuse are family members — children, grandchildren, spouses. But, there are predatory individuals and businesses that target this vulnerable population in order to overcharge for their services or products. They use deception in their business practices, or use their positions to gain the trust and respect, although misguided, of the targeted individual. There are cases of elderly consumers being swindled by unscrupulous car dealerships that sell or lease them vehicles that they cannot afford or cannot drive because they don’t have a license!

Tell us your story

If you are the child of older parents or are a senior citizen yourself, you need to be aware that the potential exists for becoming a victim of elder financial abuse. You may have a story to tell about this having happened to a friend or relative Abusers target elderly individuals that are vulnerable — people that are physically or mentally disabled, that are isolated, or that have recently lost a spouse or other loved one.

Identity theft is one of the most common of financial scams. This often results from telemarketing or mail fraud when a scammer is given the victim’s credit card number or Social Security number. They now have access to your financial information which can have disastrous results – huge credit card debt and unpaid bills which can ruin your credit score.

At Law Offices of Robert F. Brennan APC, there are certain types of elder abuse cases we handle, and certain ones where we cannot offer assistance.  Cases where family members are involved in disputes over a parent’s money or assets are cases that belong with a trust and probate attorney.  Law Offices of Robert F. Brennan APC cannot help with these cases.

These are the types of cases where we can offer assistance, along with some results we have obtained:

  1. Elderly man cheated at car dealership, talked into buying a car with a monthly payment exceeding his monthly social security benefits: confidential six-figure settlement.
  2. Elderly woman told to move from her apartment so the landlord could upgrade her apartment, only to later learn that the landlord rented the apartment to new tenants at an increased price: case ongoing.
  3. Elderly retired couple sold collision-damaged vehicle by major dealership: confidential six-figure settlement.
  4. Elderly man cheated on a reverse-mortgage scheme by a mortgage lender: confidential six-figure settlement, plus ownership of home restored to the homeowner.

There are a lot of schemes designed to cheat elderly people out of their money, often done by banks, car dealerships or mortgage lenders.  These are the cases where we have considerable experience and can frequently right the wrongs that have been committed.

Get legal help today

If you suspect that someone you or someone you know has been a victim of financial elder abuse, you should know that help is available. There are many ways that you can prevent this type of abuse of happening. In the State of California, there are laws protecting senior citizens from financial elder abuse, specifically California’s financial elder abuse statute, Section 15610.30 of the Welfare and Institutions Code.

If you are 65 or older and are victim of financial fraud, you need to the services of an attorney who is knowledgeable in the area of financial fraud. In the Los Angeles area, that would be the award-winning law offices of Robert F. Brennan, a leader in consumer protection law. Established in 1991, the law firm of Robert Brennan has successfully litigated thousands of cases involving consumer protection issues. Mr. Brennan has been chosen as a “Southern California Super Lawyer” for nine straight years.

Call our office today to schedule a free consultation.