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.
Mandatory reporting by Wells Fargo of financial abuse and exploitation of their elderly clients
The elderly are prime targets for financial exploitation and abuse by family members and those who should be acting in a position of trust. A sibling or other person in a position of trust can easily isolate an elderly parent from other family members and financially manipulate and abuse them to take control of their funds.
In elder abuse cases substantiated by the National Center on Elder Abuse, the most common abusers weren’t strangers, but adult children. A recent report on financial abuse from the Metlife Mature Market Institute also points to family, along with “trusted professionals,” as the primary predators.
Elder financial and other abuse is despicable and you are mandated to take responsibility for reporting suspicious conduct.
Wachovia-Wells Fargo is required to file suspicious activity reports (SARs) to report suspected financial abuse or exploitation of their elderly clients to the Financial Crimes Enforcement Network. Their many red flags guidelines include
• Excessive interest by an individual in the elderly’s finances or assets, preventing the elder from speaking for herself or refusing or reluctant to leave elder’s side to have private conversations.
• A caretaker, relative or friend conducting financial transactions for the elder without proper documentation.
• The elderly individual’s financial management changes suddenly such as through a change of a power of attorney to a different family member or an individual.
• The elder customer lacks knowledge of his or her financial status or a sudden reluctance to discuss financial matters.
Your elderly clients and clients with Alzheimer’s are prime targets for financial abuse. By failing to file suspicious activity you are this elderly client and other elderly clients at risk.
We ask that you act responsibly and immediately file a SARs report to report the warning signs of financial exploitation and abuse of this elderly client and any other elder clients.