Many of us have elderly parents or relatives whose funds are controlled by siblings or family members who should be acting in a position of trust. Instead they are easily being financially exploited and preyed upon by those in a position of trust.
A report on financial abuse of the elderly by MetLife indicates the most common abusers weren’t strangers but their children along with “trusted professionals.”
Wells Fargo, like all financial firms, is required to file suspicious activity reports (SARs) of suspected financial abuse of their elderly clients to the Financial Crimes Enforcement Network. FINCEN publishes Red Flag warnings of suspect financial exploitation of the elderly
My mother, at 84 and a widow with Alzheimer's is a prime targel for financial exploitation and abuse. Her account at Wells Fargo is being controlled under suspect circumstances by a family member who is an employee of Wells Fargo
Wells Fargo has ignored FINCEN warnings of obvious abuse and apparently particpated in the financial exploitation of my mother to further their own greed and self serving interest.
Please require that Wachovia-Wells Fargo does not ignore suspicious signs of financial exploitation of their elderly clients including my mother and complies with their mandatory reporting requirements.
The results of Wells Fargo’s refusal to report warning signs of abuse are horrific and far reaching. At her age, my mother should be enjoying her golden years. Instead, she is being isolated by my sibling, is frightened and confused about her finances and has suffered unexplained physical injuries.
Not only is my mother apparently being financially exploited, Wells Fargo may be putting their other elderly clients at risk.
If your sibling or relative is isolating an elderly parent and you suspect financial abuse take action and require their financial firm file a SARs report.
Please sign my petition, send it to John.G.Stumpf@wellsfargo.com and forward it others to request their signature to require Wachovia-Wells Fargo immediately file a mandatory SARs report to report the signs of financial abuse of my elderly mother and any of their other elderly clients.