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June 17, 2012

The Consumer Financial Protection Bureau is investigating ways to detect and fight against financial exploitation scams that target the elderly, including those in nursing homes.

Financial scams aimed at older Americans are on the rise with senior citizens losing about $2.9 billion in 2010 to various scams. And in our struggling economy these crimes against the elderly are popping up everywhere making them difficult to combat.

Patricia L. McGinni of California Advocates for Nursing Home Reform says the way to thwart this type of abuse is to go after the predators and make an example of them and recover the money they have ripped off from the elderly.

Another issue is the lack of knowledge financial experts have in scams against the elderly. The director of the Consumer Financial Protection Bureau, Richard Cordray, said most advisers who claim to be experts in these matters only have a few hours of inadequate training.

As part of an increase in government effort to combat financial elder abuse the Elder Justice Act of 2010 will provide $5.5 million in grants to states to “test ways to prevent elder abuse, neglect and exploitation.”

Financial nursing home abuse is one of the many ways predators target the vulnerable in nursing homes. We advise you to contact a nursing home abuse attorney if you suspect abuse or neglect in a nursing home.


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