Brooke Astor’s Grandson Tells Senate Panel of Financial Abuse

The Senate Special Committee on Aging held one of its periodic hearings on financial abuse of older people the other day, this time inviting a relative involved in one of the more spectacular headline-making cases in recent years to testify. The grandson of socialite Brooke Astor, who blew the whistle on his father for plundering millions from his grandmother’s estate, told the Senate panel Wednesday that his grandmother’s greatest legacy may be the national attention focused on elder financial abuse. “While my grandmother …

Those Free Financial Dinner Seminars May Give You Indigestion

Ever get those invitations for a free financial seminar at a restaurant? “Nothing will be sold – we only want to educate you on your financial future,” is the typical pitch. Most specify that “financial professionals may not attend.” However, I recently received one that didn’t exclude me, and decided to see what I might learn about my financial future. Here’s my experience and what you need to know. First, this wasn’t just some seminar at a local restaurant; this …

Is It Elder Financial Fraud? 5 Signs It May Be “Yes”

You’ve seen this subject here before. I’m bringing up financial elder abuse again because of a new resource for readers.  But some background first:  Americans age 60+ lose nearly $3 billion a year to financial abuse.  That’s 5 million older Americans who get duped annually. According to studies by the Consumer Law Center, sham telemarketers direct 56-80% of their calls at older people. And, the Consumer Financial Protection Bureau says that for every case that is reported, 43 are not. Financial abuse can …

Older Adults Miss Cues That Warn of Scammers

The notion that older adults are generally more trusting than younger folks (because they grew up in less complicated, more trusting times) has been busted. New research suggests older people may be targeted by fraudsters because their brains work differently – and less efficiently when it comes to spotting scams – not because they’re blindly trusting. It turns out that the part of the brain that gives off those “gut feelings” about whether someone is potentially devious is less active …

Action Urged to Fight Elder Financial Abuse

The following is a guest post from AARP Money Content Editor John Burgess. | Four decades out from his teen-aged check-forging spree, a lion-maned Frank Abagnale bears little resemblance to Leonardo DiCaprio, who portrayed him in the movie “Catch Me If You Can.” But Abagnale still knows a thing or two about fraud. What I did 40 years ago as a teenager is 4,000 times easier to do today due to technology,” the reformed con man told the Senate Special …

JPMorgan Chase Employee Accused Of Stealing $100,000 From Customer With Alzheimer’s

It’s about as ugly as a story can get. An employee with JPMorgan Chase in Louisiana has been accused of siphoning $100,000 from the bank account of a customer suffering from Alzheimer’s, according to a lawsuit reported by the Huffington Post. The JPMorgan employee, who was not identified in the suit, allegedly established a new bank account for Herman Lafayette, who was deemed legally incapacitated as a result of Alzheimer’s diagnosed in 2008. Then the employee allegedly gave himself a personal debit …