Detective Phil Swan join’s IT2’s Amy Iler and JJ Gordon the first Monday of every month to talk about scams, schemes and tricks that fraudsters are trying in our area.
In this episode we talk about the financial exploitation of elders. Which is, unfortunately, all too prevalent.
Recent research has found that elder financial exploitation is widespread, expensive, even deadly.
One in nine seniors reported being abused, neglected or exploited in the past twelve months; the rate
of financial exploitation is extremely high, with 1 in 20 older adults indicating some form of perceived
financial mistreatment occurring in the recent past.
Elder abuse is vastly under-reported; only one in 44 cases of financial abuse is ever reported
90% of abusers are family members or trusted others. And, cognitive impairment and the need for help with activities of daily living can make victims more vulnerable
to financial abuse.
What is a fiduciary?
Since you have been named to manage money or property for someone else, you are a fiduciary. The law
requires you to manage Martina’s money and property for her benefit, not yours. It does not matter if
you are managing a lot of money or a little. It does not matter if you are a family member or not.The role of a fiduciary carries with it legal responsibilities. When you act as a fiduciary for Martina, you
have four basic duties that you must keep in mind:Act only in Martina’s best interest.
Manage Martina’s money and property carefully.
Keep Martina’s money and property separate from yours.Keep good records.
As a fiduciary, you must be trustworthy, honest, and act in good faith. If you do not meet these
standards, you could be removed as a fiduciary, sued, or have to repay money.
It is even possible that the
police or sheriff could investigate you and you could go to jail. That’s why it’s always important to
remember: It’s not your money!
Detective Swan, Fargo PD, in the KFGO Studio
RELATED CONTENT:
Fargo Fraud Squad: The Romance Scam
Fargo Fraud Squad: The Grandparent Scam
Fargo Fraud Squad: Craigslist/Secondary Market Scam
Fargo Fraud Squad: Counterfeit Money
Fargo Fraud Squad: What to do if you are the victim of a scam
Fargo Fraud Squad: The Kidnapping Scam
(Amy Iler & JJ Gordon are talk-show hosts at 790 AM KFGO in Fargo-Moorhead. “It Takes 2 with Amy & JJ” can be heard weekdays 11am-2pm. Follow Amy on Twitter @AmyKFGO. Follow JJ on Twitter @JJGodon701.)
