Scams against seniors happen daily, and banks know it. Many financial institutions allow vulnerable seniors to withdraw decades of savings without batting an eye. These institutions have a responsibility to stop these crimes from taking place, yet they fail again and again.
You may be able to get your money back and more by holding these banks accountable. Our team of Los Angeles financial elder abuse lawyers probably won’t be able to track down the criminal behind the scam, but the banks that turned a blind eye are equally liable.
Arias Sanguinetti has recovered over $1.5 billion for our clients. Call us now to learn how our team of Los Angeles elder abuse lawyers can help.
What Qualifies as Financial Elder Abuse?
Any wrongful taking of money, benefits, or other financial resources from a person over 65 years old in Los Angeles and all of California is financial elder abuse.
These crimes have devastating consequences that are well beyond just financial. Victims suffer terrible emotional consequences, often experiencing extreme shame and guilt. Life expectancy is consistently shorter for victims of these crimes.
Our team of Los Angeles personal injury lawyers has seen financial elder abuse occur in the following ways:
- Financial scams: Often starting with a phishing email or phone call, frequently from overseas, these scams target seniors by the millions. Many victims are tricked into wiring money, buying gift cards, or granting remote access to their bank accounts.
- Undue influence: Seniors, especially in care facilities, may be pressured into changing wills, trusts, or property ownership. In these cases, the facilities may be liable.
- Contractor and home repair fraud: Fake or dishonest contractors may demand upfront payment for home repairs or upgrades, like roofing, solar paneling, plumbing, or accessibility modifications, and then disappear or deliver shoddy work.
- Predatory lending: Seniors may be pressured into taking out reverse mortgages or high-interest loans with abusive terms they don’t fully understand, sometimes orchestrated by people posing as financial helpers.
- Life insurance fraud: Scammers or unethical agents may convince seniors to buy unnecessary or overly expensive policies, name strangers as beneficiaries, or even forge signatures to change policy details for their gain.
Of course, this list is non-exhaustive. Recognizing financial elder abuse when it takes place and knowing your legal options can help you recover your losses. Our team of Los Angeles elder financial abuse attorneys can help you figure out your next steps.
Steps You Can Take Right Now if Your Loved One Has Been the Victim of Financial Elder Abuse
First, don’t blame yourself or your loved one. These scams are designed to deceive. What matters now is what you do next.
In most cases, the scammer can’t be tracked down. But that doesn’t mean justice is out of reach. If a bank, financial advisor, or institution failed to act on clear red flags, they can and should be held accountable.
What happened to your loved one is a tragedy. Our elder financial abuse lawyers in Los Angeles suggest taking the following steps right now to help you recover your losses:
- Talk to the elder in a non-judgmental way to try to figure out what happened: Remember, your loved ones are convinced that whatever the fraudster has told them is true. Avoid shaming questions like, “How could you do this?” You’ll get to the bottom of what happened much faster while also taking the first steps toward recovering from the trauma these crimes inflict.
- Try to intercept any active payments: If the abuse is ongoing, contact the bank to freeze the account.
- Gather the evidence: Timelines, bank statements, suspicious transactions, contracts, emails, voicemails—anything that seems off. Don’t worry about organizing it perfectly, just keep it all.
- Write down what happened: Memory fades. Make a simple timeline of who, what, when, and how. Include names of anyone involved, even if you’re unsure of their role.
- Report the fraud: File a report with the police, your local Adult Protective Services (APS) office, the FBI’s Internet Crime Complaint Center (IC3) if applicable, and the bank. These reports create an official record and can support your legal case. We can, of course, help with this.
- Contact a lawyer: The little details make a big difference, and that extends to the steps you take in the immediate aftermath of discovering the abuse. Our team of attorneys can help you make sure every step you take strengthens your chances at recovery.
Elder financial abuse is part of the rise of elder abuse in Los Angeles. If you are worried about financial elder abuse but your loved one has yet to be a target, you can take prevention measures.
Fraudsters will push their targets to keep their actions a secret and to act quickly. Tell your loved one, “If someone tells you not to tell your family and to act quickly, do the exact opposite.”
Arias Sanguinetti is proud to support families and hold the responsible parties accountable. Contact us today for a free consultation.
Los Angeles Financial Elder Abuse Lawyer Near Me 310-844-9696
How Much Does a Financial Elder Abuse Lawyer in Los Angeles Cost?
Most victims of financial elder abuse are not in a situation where they can afford an expensive hourly retainer. To make it possible for these deserving people to get the representation they deserve to recover what’s been lost, our team of elder financial abuse attorneys works on a contingency basis.
You don’t pay a cent until we recover financial compensation on your behalf. In the exceedingly rare situation in which we do not recover compensation on your behalf, you will not owe us anything.
We’re proud of the transformational difference that we have made in our clients’ lives. For many, it’s not just about getting the money back—it’s about justice, closure, and knowing that there has been accountability. If you believe your loved one has been taken advantage of financially, reach out today. A consultation, just like our representation, is always free and confidential.
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Common Warning Signs of Financial Elder Abuse
Financial elder abuse often hides in plain sight. Many victims are too embarrassed to speak up—or may not even realize they’re being taken advantage of.
We advise taking a closer look if you notice any of the following red flags:
- Above all, sudden, unexplained withdrawals or wire transfers
- Unpaid bills despite adequate funds
- Unusual purchases, especially gift cards, tech devices, or online transfers
- Common states of alarm and keeping secrets
- Missing cash, checkbooks, or account statements
- Reluctance to talk about finances or sudden secrecy around money
These signs of elder abuse don’t always mean abuse is happening, but you should never ignore them. If something feels off, trust your instincts.
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Statute of Limitations for Elder Financial Abuse in California
In California, victims of elder financial abuse have up to four years to file a lawsuit against the responsible party. The statute of limitations begins with either of the following:
- From the date the abuse occurred
- From the date you discovered, or reasonably should have discovered, the abuse
It’s crucial to act quickly. While four years may seem like plenty of time, delays in reporting abuse or gathering evidence can harm your case. Additionally, if the abuse involves a government agency, the time limit is significantly shorter—only six months to file a California government claim.
If you suspect financial elder abuse, contact our team of Los Angeles elder financial abuse attorneys as soon as possible.
Treble Damages in Elder Financial Abuse Cases
California law provides a powerful incentive for institutions and individuals to act responsibly when it comes to protecting seniors. In cases of elder financial abuse, victims may be entitled to treble damages.
Treble damages are a legal remedy that allows the court to triple the amount of compensation awarded to victims. These damages are often applicable in cases involving clear evidence of fraud, malice, or intentional misconduct.
Contact Our Team of Financial Elder Abuse Lawyers Today
You don’t have to face this alone. Financial elder abuse is an awful ordeal for any family, but it’s also often legally actionable. Our team of financial elder abuse lawyers is here to help.
Our team of lawyers knows how to hold negligent institutions accountable. We’ve gone up against major banks, care facilities, and other powerful institutions—and won. You may be able to recover not just the money that was taken, but also additional compensation for the harm done.
If someone took advantage of your loved one, let’s hold them accountable. Contact us today.
Call or text 310-844-9696 or complete a Free Case Evaluation form
