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Financial Exploitation

Financial exploitation is defined as improperly or illegally using another individual’s funds, assets, or property. Financial exploitation is a fast-growing form of abuse of seniors living in nursing homes. Nursing home residents are in a unique position to be victims of financial abuse as they may be more vulnerable to practices taking place. If you suspect there is financial abuse taking place at a nursing home your loved one resides at, contact Shea Law Group immediately to seek the justice you deserve.

Financial Exploitation Examples

Financial exploitation can be financially destructive for the victim, who may have invested years towards building up a savings. Individuals who have been the subject of financial exploitation may have trouble affording basic care after finances are taken from them. Worst case scenarios, nursing home residents may be left homeless, not able to afford the proper care and assistance they need. Financial abuse can be committed by virtually any individual who has contact with or control over a nursing home resident. Examples of financial abuse may include, but are not limited to the following:

  • Cashing a resident’s check without permission or authorization
  • Forging a resident’s signature
  • Stealing or misusing a resident’s money or possessions
  • Deceiving or coercing a resident to sign documents, such as contract or will
  • Improper use of guardianship

Signs of Financial Abuse

A vast majority of financial abuse occurs without distinct signs or warnings. Families and friends should be alert and aware of any suspicious activity involving the finances of a loved one residing in a nursing home. Sudden and unexplained checks and withdrawals are among the most telltale signs. The following instances are other signs that indicate an elder is a victim of financial abuse:

  • Unexplained transfer of money or assets to another individual
  • The elder’s signature being forged for titles of possessions or financial transactions
  • Additional names on the elder’s back debit card or credit card
  • Abrupt changes in the elder’s will or related financial documents
  • Frequent checks are written to a particular institute or caregiver
  • Sudden changes in banking or funds
  • Personal belongings are missing from the resident
  • The resident becomes reluctant to talk about financial issues

Handling Financial Exploitation

Elder abuse is vastly under-reported; only one in 44 cases of financial abuse is ever reported. We understand that elderly victims of financial exploitation can be emotionally traumatized. At Shea Law Group, will aggressively pursue every avenue to hold liable parties responsible and demand the compensation your loved one deserves. Our Chicago injury lawyers’ representation costs nothing until you are compensated for your financial loss. Please call us at (877)-365-0040.