My cousin (98 years old) was targeted by scammers. They stole $800,000. oh my god?

I have documentation that the court felt that Ann needed someone to watch over the $300,000 in her bank account. Ann’s friend “Sam” told the court he would do it. I was told by the bank that Sam would have limited access to Ann’s funds to pay bills, etc.

I often reviewed her checkbook and bills to make sure there were no overcharges or unusual amounts. Sam was kind to her and Sam loved the attention he gave her. Anne needed help. She attended school until the 7th grade and earned a living by her sewing.

empty bank account

Since the coronavirus was in full bloom, we had Sam stay at Ann’s house so she could continue to pay bills, etc. Sam was very friendly and even helped us with subway directions sometimes. I was not appointed trustee for Ann’s estate until August 2022, and I did not receive the official ‘will’ until August 1, 2023.

Then I learned that her savings and checking accounts had been closed. It appears that Sam’s two nephews accessed the funds and the $300,000 pension. I have never heard of Sam being added as a co-owner. I knew Sam had the ability to sign checks.

I would have thought that Sam would assume fiduciary responsibility for Ann. She asked the bank to send her account documents, but they refused. The probate attorney filed a request for the documents with the court.

Escape from previous scammers

Probate is not over. I am in the process of consolidating all the expenses I have had in the past to try to manage this. I had to be “bonded” for three years to perform my duties under the law, hire a lawyer, clean the property, etc. Additionally, it needed a lot of repairs before it could hit the market.

Anne was also financially defrauded by a woman named ‘Mary’ over a period of 10 years. It took her nearly four years to prove her fraud in civil court and remove this fraudster from ownership of Ann’s property. Mary also received a judgment for $200,000, which she never paid.

Mary deposited the funds in her son’s name. Considering Ann’s age, I told her that I would not chase Mary for her money. Mary was living with her son. Her husband owned property in Pennsylvania but was not involved in what the conman did. I thought she would have to answer to her superior court.

However, the person who introduced Sam to Anne was Mary, a con artist.

loyal and devoted cousin

Related: My elderly father is losing cognitive ability. I am afraid that my four siblings will take over his $300,000 bank account and move into his house when he dies.

Dear Loyalty,

By your calculations, Sam was your cousin’s friend and Mary was a fraud. But they have more than one thing in common.

Money disappeared under their watch, and both became friends with your older cousin in his later years, taking an interest in her financial affairs, becoming somewhat indispensable, winning her favor, and besides, they even knew each other. There was. Get rid of one of these bad actors, and another one shows up on the New York subway offering advice, friendship, and even help.

You kindly, perhaps naively, blame the loss of $200,000 on Sam’s watch on his two nephews. You say Sam must have accessed your cousin’s account. There’s a reason he was in the right place at the right time, and there’s a reason he volunteered to oversee your cousin’s accounts. These were all red flags, as were the circumstances that brought him into Anne’s life in the first place.

Sam’s role in his cousin’s life also seems ambiguous at best, both in terms of his official status and intentions. A person holding a financial power of attorney has a fiduciary duty not to act for his or her own benefit and must maintain a legal responsibility to act in a trustworthy manner. However, it is unclear whether Sam had power of attorney or if he was just a “friend”.

statute of limitations

Each state has different statutes of limitations for certain types of fraud and elder abuse. In New York, plaintiffs have six years to file a lawsuit, but it is better to have an attorney to advise you on this. The burden of proof is on you and you must provide documentation to support your claim. It’s going to be an uphill battle considering both your cousin and your money are gone.

Becoming an executor of a person’s will and/or having a power of attorney is a big undertaking and perhaps too much for one person. However, the latter has a lot of power in making financial and medical decisions. “The best choice is someone you can trust. According to the American Bar Association, honesty, not financial acumen, is often the most important characteristic of a potential agent.

In general, if you suspect someone is abusing an elder (emotional, physical, psychological or financial), you should report it to Adult Protective Services. You may also call 911 or report it to your local law enforcement agency or the District Attorney’s Office. The Consumer Financial Protection Bureau has more information about how to report elder financial abuse.

It’s a big problem. The National Center on Elder Abuse, a government agency within the National Elder Abuse Administration, reports that research on elder abuse lags research in the areas of child abuse and domestic violence by 20 years. One in 10 people in the United States over the age of 60 have experienced some form of abuse in the previous year.

Signs of Elder Abuse

According to the nonprofit National Council on Aging, financial signs of elder abuse include fraudulent signatures on documents, delinquent bills and “unusual or sudden changes in spending patterns, wills or other financial documents.” The most common perpetrators are caretakers, friends, and family. These crimes cost seniors up to $28 billion annually. However, official estimates may not reflect actual costs.

According to the National Adult Protective Services Association, “Isolation is a red flag, and many studies of elder abuse show that a lack of good support systems and physical and mental isolation are hallmarks of the problem.” But it can also happen in plain sight. The more people you can keep an eye on your elderly family relatives and their financial accounts, the better.

Your cousin died believing he was being cared for and had you in his life. I hope that fact, and especially the memories you have of her during her last months, will be of some small comfort to you, even so many years after her death. Your story may also be helpful to others who have elderly relatives who are suddenly surrounded by new and old friends offering help, and it may even help them recognize the signs of financial elder abuse.

Sometimes, unsavory characters like Mary appear without warning amid the shroud of mystery. Other times, he approaches with a smile, like Sam.

If you have any financial or ethical questions, you can email The Moneyist at qfottrell@marketwatch.com and you can follow Quentin Fottrell on X, a platform previously known as Twitter.

Moneyist regrets that we are unable to answer questions individually.

Quentin Fottrell’s previous columns:

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