Georgia Secretary of State Brad Raffensperger Recognizes World Elder Abuse Awareness Day, Warns of Danger Signs for Suspected Financial Abuse

(Atlanta) — In recognition of World Elder Abuse Awareness Day (WEAAD) on June 15, Secretary of State Brad Raffensperger reminds financial professionals and the public throughout Georgia to be on the lookout for elder financial abuse, including potential exploitation by family members or caretakers.

“Senior financial exploitation is a growing problem. Many in our elderly population are vulnerable due to social isolation and distance from family, caregiver, and other support networks,” Raffensperger said. “Taking the time to understand the warning signs and the steps that can be taken to report financial abuse are key to helping those who cannot help themselves.”

The North American Securities Administrators Association (NASAA), of which the Georgia Secretary of State is a member, has developed resources to help call attention to the red flags of fraud and suspected guardian financial abuse. For example, the “Guarding the Guardians” publication provides examples of exploitation and information on how to report suspected abuse.

Examples of suspected guardian abuse include:

   ·  The guardian takes money from the protected individual’s investment portfolio to buy a flashy car for personal use.

   ·  The guardian overcharges for a caregiving service, such as billing the estate hourly for wait time to file paperwork in person when it could       

       have been submitted online.

   ·  The guardian does not take the protected individual to medical appointments or purchase necessary medication.

The publication as well as other resources to help seniors are available on NASAA’s Serve Our Seniors website (serveourseniors.org) at the following link: http://serveourseniors.org/about/investors/. Other senior investor protection resources are available on the Secretary of State’s website at sos.ga.gov

 

Secretary Raffensperger asks anyone with suspicions of possible senior financial exploitation to contact the agency at (470)312-2640. 

 

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