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Similar to Elder Investment Fraud & Financial Exploitation
Elder Investment Fraud & Financial Exploitation
- 1. Irving L. Faught,Administrator Oklahoma Department of Securities ELDER INVESTMENT FRAUD AND FINANCIAL EXPLOITATION
- 2. The Department’s presentationwas interactive and used Poll Everywhere to encourage audience participation. This technology allows the audience to answer questions and shows the results live. It also allows the audience to submit questions for response. INTERACTIVE PRESENTATION
- 3. GETTING TO KNOWYOU • Who do you work for? • Hospital - 49% of the audience members • Insurance Company - 20% of the audience members • Department of Human Service - 8% of the audience members • Department of Veterans Affairs • Other - 22% of the audience members
- 4. GETTING TO KNOWYOU • What is your primary field of expertise? • Nurse or Nurse Practitioner – 85% of the audience members • Social Worker - 10% of the audience members • Psychologist • Financial Counseling – 2.5% of the audience members • Other – 2.5% of the audience members
- 5. GETTING TO KNOWYOU • Have you come across financial exploitation in your practice? • Yes – 65% of the audience members • No – 25% of the audience members • Maybe – 10% of the audience members
- 6. GETTING TO KNOWYOU • Have you ever reported financial exploitation? • Yes – 55% of the audience members • No – 45% of the audience members
- 7. GETTING TO KNOWYOU • Where would you report financial exploitation? • To your supervisor – 25% of the audience members • Adult Protective Services – 75% of the audience members • Department of Human Services • Police • None of the above
- 8. GETTING TO KNOWYOU • Is financial exploitation of “vulnerable” adults a crime? • Yes – 95% of the audience members • No • Maybe – 5% of the audience members
- 9. GETTING TO KNOWYOU • Does a patient’s financial health impact the patient’s overall health? • Yes – 100% of the audience members • No • Maybe
- 10. GETTING TO KNOWYOU • Is elder financial fraud elder abuse? • Yes – 100% of the audience members • No • Maybe
- 11. GETTING TO KNOWYOU • Are you required to report elder financial fraud? • Yes – 90% of the audience members • No – 2% of the audience members • Maybe – 8% of the audience members
- 12. PURPOSE OF THISPRESENTATION • Awareness of Elder Fraud • Your Take Away • Relevance • Reporting • Resources • Remedies
- 13. RELEVANCE • Who doyou think is effected by financial fraud? • Persons with wealth • Stock Market Investors • Retirees – 5% of the audience members • Greedy individuals • All of the above – 95% of the audience members
- 14. • 1 outof 5 persons over 65 have already been victimized by elder financial fraud (7.3 million). • Elder population is growing and financial losses impact many aspects of the elder person’s life including the ability to purchase: • Health Care • Medicine • Food • Housing and • Medical services • 1 out of 5 health care professionals are aware they are often dealing with elderly victims of financial fraud. RELEVANCE ELDER INVESTMENT FRAUD
- 15. ELDER FRAUD PUBLICSERVICE ANNOUNCEMENT Click to watch this 30 second PSA
- 17. CASE STUDY • Mr.Ladd is an 83 year old man who lacks financial capacity due to Mild Cognitive Impairment (MCI). Mr. Ladd has involved his son Charlie in some financial decisions. While Mr. Ladd is a conservative investor, Charlie likes to take risks. He invests a large portion of his father’s retirement funds in a risky stock. Soon afterwards, the stock falls dramatically. Out of embarrassment, Charlie doesn’t tell his father what he has done. Is this fraud?
- 18. INVESTMENT FRAUD INOKLAHOMA Click to watch the 3 minute trailer of: Anatomy of Fraud - Catching a Con in Pottawatomie County
- 19. CASE STUDY • Mrs.Angelotti is an 86-year-old recent widow. Her daughter, Mae, hires a care caregiver, Jennifer, to help around the house. Mae notices that Jennifer is acquiring lots of new things. Then Mae discovers she cannot access her mother’s accounts anymore. She visits her mother; Jennifer is no where to be found. • Jennifer had unduly influenced Mrs. Angelotti into signing a durable power of attorney. She then depleted Mrs. Angelotti’s retirement funds. Once Mae realized what was happening, Jennifer took what was left of Mrs. Angelotti’s savings and fled. Is this fraud?
- 20. ELDER FRAUD PUBLICSERVICE ANNOUNCEMENT Click to watch this 30 second PSA
- 21. ELDER PATIENTS AREMORE VULNERABLE TO FINANCIAL FRAUD • A large number of Oklahoma Department of Securities cases involve elder fraud. • Example: • AARP mailings were used by a company to set up trusts for elders. Once the company obtained financial information from the elderly victims they would sell the elderly victim an investment that allegedly guaranteed a 10-20% risk free return. • Elderly Investors invested all of their retirement savings and lost everything. • The results of the scam on elderly investors include: • Not being able to afford medical care • Having to move in with their adult children • Having to return to work, and • Having a stroke due to the stress of the financial loss.
- 22. • Con-Man • Care-giver •Family Friend • New Acquaintance • Cold Caller • Financial Expert • Counselor • Family Member • Community or Church Member • Broker/Dealer agents • Registered Investment Adviser • Insurance Agents • Securities Issuers WHO COMMITS FINANCIAL FRAUD Registered / Licensed Individuals Unregistered Individuals
- 23. OKLAHOMA REGISTERED AGENTPONZI SCHEME Click to watch the 3 minute trailer of: "Anatomy of a Fraud: The Rogue Broker"
- 24. RELEVANCE • Do youthink that financial abuse of the elderly is relevant to your profession? • Yes • No
- 25. SENIORS NEED HELPIN REPORTING FINANCIAL FRAUD • Seniors are often unable to protect themselves • Caregivers/family members can be the perpetrators of the fraud • The victim most likely will not want to get this individual into trouble • The victim may be in a nursing home • You may be the only person that can help the victim
- 26. REPORTING • Would youfeel comfortable asking your patients about their money matters? • Yes – 75% of the audience members • No – 25% of the audience members
- 27. REPORTING • Would yourpatients feel comfortable discussing their money matters with you? • Yes – 45% of the audience members • No – 55% of the audience members
- 28. Oklahoma Securities Commission Weare the state agency responsible for regulating the offer and sell of investments in the state of Oklahoma. www.securities.ok.gov Website has information on matters we have discussed today
- 29. REPORTING FINANCIAL FRAUD ElderlyClient Medical Professional • Contact ODS at (405) 280-7775 • Go to our website, www.securities.ok.gov, and fill out a complaint form • Engage private counsel • Contact ODS at (405) 280-7775 and report suspected fraud • Confidential • Leave message with concerns and name of potential victim • Request a complaint form
- 30. REPORTING • Would youfeel comfortable reporting suspected elder financial abuse using a secure, confidential hotline number? • Yes • No
- 31. REPORTING • Why wouldyou not feel comfortable reporting suspected elder financial abuse using a secure confidential hotline number? • Concerns about legal liability • May cause more harm to the patient • Do not want to get involved • My supervisor will not allow me to report
- 32. RESOURCES • Invest Ed®is your source of investor protection in Oklahoma.
- 33. All materials arefree at www.investedok.org Invest Ed®
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- 36. REMEDIES TYPES OF ODSACTIONS • Administrative • Civil • Criminal Referrals
- 37. QUESTIONS • Has thispresentation raised your awareness about elder financial abuse and the need to report? • Yes • No • If your answer is no, what suggested changes would you recommend?
- 38. QUESTIONS • If youfeel your elderly patient is being financially abused would you report it to ODS? • Yes • No • If your answer is no, please explain.
Editor's Notes
- #3 This slide is for display to the audience to show them how they will vote on your polls in your presentation. You can remove this slide if you like or if the audience is already comfortable with texting and/or voting with Poll Everywhere.Sample Oral Instructions:Ladies and gentlemen, throughout today’s meeting we’re going to engage in some audience polling to find out what you’re thinking, what you’re up to and what you know. Now I’m going to ask for your opinion. We’re going to use your phones or laptops to do some audience voting just like on American Idol.So please take out your mobilephones or laptops, but remember to leave them on silent. You can participate by submitting an answer at PollEv.com on your laptop or a mobile phone.The service we are using is serious about privacy. I cannot see who you are or who voted.
- #15 Poll Title: Who do you think is effected by financial fraud? http://www.polleverywhere.com/multiple_choice_polls/lu8wu55wD368Jzg