Financial Exploitation
Who qualifies as an "older individual"?
The victim must be 60 years old or older. Unlike elder abuse, the victim does not have to be unable to protect him or herself because of a physical or mental condition or personal circumstance which results in an increased risk of harm.
What type of abuse is covered?
The abuse, called financial exploitation, must involve the control or use of the victim's benefits, property, resources, belongings, or assets and there must be harm to the victim. The abuser must also have used undue influence, deception, coercion, fraud, breach of fiduciary duty, or extortion to exploit the victim.
Does there have to be a relationship between the victim and the abuser?
Yes, the perpetrator must be someone that has a special relationship with the victim. It must be a person who “stands in a position of trust or confidence” with the victim as defined by the law. Generally, this includes relatives, fiduciaries (like attorneys, guardians, conservators, and agents serving under health care and financial powers of attorney), financial planners and investment professionals, caregivers, beneficiaries, and others that the victim relies on to act in the victim’s best interest.