Elder Financial Abuse: Prevention and Remedies

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Predator and Victim
Regulatory Responses







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Earlier this month, I sent to you the Advance Copy of my White Paper and Magazine Article:Back

October 2013
 Free Subscription to Clients and Subscribers.
I am now providing the published article.
There are remedies and regulatory tools to thwart unscrupulous perpetrators. The elderly will be best served when we know how best to safeguard their financial interests.
I am providing this magazine article as a courtesy to you, our valued subscribers, clients, and colleagues.
I hope you enjoy the article!
President and Managing Director 
Predator and Victim

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I have written about elder financial abuse, and I will keep writing about it until stops.

It is unfathomable to me that schemes to defraud the elderly are so pervasive. These seniors are attractive targets for financial exploitation. They are taken advantage of by scam artists, financial advisors, family members, friends, acquaintances, caregivers, home repair contractors, real estate firms, residential mortgage loan originators, credit repair companies, stock brokers, accountants, lawyers, collection agents, appraisers, fiduciaries, guardians, unscrupulous professionals and business people (or those posing as such), pastors, annuity salespersons, and doctors.

Regulatory Responses

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The Consumer Financial Protection Bureau uses its Office of Financial Protection for Older Americans to provide information and tools to avoid the financial exploitation of the elderly. Additionally, the agency has been carefully considering regulatory ways and means to curtail such financial abuse. Indeed, it has moved to the forefront in developing strategies to communicate that the Gramm-Leach-Bliley Act ("GLBA") does not prohibit companies from reporting suspected elder financial exploitation, which I will discuss in some detail in the following section. 
In this article, I will outline how the GLBA furthers the protection of the elderly from financial abuse. I will also provide an outline of some Red Flags as well as ways to increase public awareness about elder financial abuse. Understanding the ways and means available to provide consumer financial protection will help to end the plundering of the elderly.

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