An effort to combat financial elder abuse
Each June 15, as part of World Elder Abuse Awareness Day, governmental entities and organizations recognize the ongoing need to prevent elder abuse in all its forms — physical, emotional, neglect and financial. The trustees, staff and those associated with the Oklahoma Securities Commission, Investor Protection Trust (IPT) and Investor Protection Institute join this important national public awareness effort.
Any time any elder is abused in any way, it’s a crime against humanity that scars the abused and their loved ones. It also is a stain on society that unscrupulous family members and others in positions of trust perpetrate these acts on some of our most vulnerable citizens.
Financial elder abuse is any improper conduct, done with or without the informed consent of the senior, that results in a monetary or personal gain to the abuser and to the detriment of the older adult. Many securities fraud cases involve elderly victims. The elderly are more prone to trust an investment con man. These fraud victims come from a time when Oklahomans were more trusting and willing to forgo skepticism, believing in the general goodness of people. The con man preys on such vulnerability.
Our goals are two-fold. We must strive to maintain the dignity and independence of elders who have worked hard to have retirement nest eggs, as they simply do not have the time to recoup their losses. And, we must learn to recognize when our older clients, patients and family members are vulnerable to or are victims of financial abuse.
If elders’ losses are significant, their health and well-being can be adversely affected. The results can mean life or death. “Wealth shock” is a relatively new term in the medical literature, and occurs when 75 percent of net worth is lost suddenly, and then one’s risk of death within a year is greatly increased.
To combat elder investment fraud and
Elderly fraud victims come from a time when Oklahomans were more trusting and willing to forgo skepticism, believing in the general goodness of people. The con man preys on such vulnerability.
financial exploitation, in 2010 the commission began participating in the Elder Investment Fraud and Financial Exploitation (EIFFE) Prevention Program. This program was created by Baylor College of Medicine and funded by a grant from the Investor Protection Trust. Through the program, the commission works with local medical partners, lawyers and other fiduciaries throughout Oklahoma to train them on how to recognize when their older clients may be vulnerable to or victims of financial abuse.
Progress is being made, but more public awareness of this tragedy is needed. All can help by recognizing, reporting and referring suspected financial abuse when and wherever seen to the commission, local law enforcement, Adult Protective Services or other appropriate agencies. For resources about elder investment fraud and financial exploitation, see www.investedok.org and www.investorprotection.org.