LegalJourney Blog

Sunday, March 18, 2012

MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders

Key Findings of study on Elder Financial Abuse1

  • The annual financial loss by victims of elder financial abuse is estimated to be at least $2.9 billion dollars, a 12% increase from the $2.6 billion estimated in 2008.
  • Instances of fraud perpetrated by strangers comprised 51% of the articles. Reports of elder financial abuse by family, friends, and neighbors came in second, with 34% of the news articles followed by reports of exploitation within the business sector (12%) and Medicare and Medicaid fraud (4%).
  • Medicare and Medicaid fraud resulted in the highest average loss to victims ($38,263,136) followed by fraud by business and industry ($6,219,496), family, friends, and neighbors ($145,768), and fraud by strangers ($95,156)
  • To see the full report visit www.metlife.com.

1MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders

 

 

 


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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