Elder Financial Abuse Can Happen to Anyone

A Most Famous Case of Elder Financial Abuse

A recent article on Philly.com served an important warning to those with elderly family members whose life-savings may be at risk. The article revisits one of the most famous cases of elder financial abuse in history - the case of New York socialite and multimillionaire Brooke Astor. Ms. Astor’s son, Anthony Marshall, was convicted of stealing tens of millions of dollars from his aging mother, who suffered from Alzheimer’s. However, when Mr. Marshall tried to disinherit his two sons, they fought back and won. Marshall’s son, Philip, testified against his father and ultimately helped put him in jail.

Federal Agencies Raise Awareness Concerning Financial Abuse and Fraud

Now Philip Marshall tours the country trying to raise awareness over elder financial abuse and neglect. Widely considered one of the most pressing problems of our times, elder abuse and particularly financial abuse have gotten national attention, thanks to initiatives by the Department of Health, the Department of Labor, and the Obama Administration. These agencies have focused on the loss of billions of dollars per year in retirement savings among not just millionaires like Ms. Astor, but also ordinary hard-working and retired Americans who have been deceived or preyed upon by unscrupulous salespeople, stock brokers, or family members.

Banks and Broker Firms Should Monitor Senior Accounts

In his public speeches, Mr. Marshall calls for banks to monitor investment accounts belonging to seniors in much the same way they monitor customer accounts for flagrant activities such as churning, excessive risk, etc. Last week, Mr. Marshall received an award from the Philadelphia-based organization, CARIE, the Center for Advocacy for the Rights and Interests of the Elderly.

Pennsylvania & New Jersey Securities Attorneys

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If you or someone you love has been the victim of financial abuse or neglect, please contact our experienced team of securities and elder law attorneys immediately for a toll-free consultation at 1-866-462-3330 or by using our online contact form.