The document summarizes the key points from a presentation on elder financial fraud given to healthcare professionals. It shows the results of polls given to audience members to gauge their knowledge and experiences with elder financial abuse. Many were unaware of their obligation to report suspected abuse. They learned that 1 in 5 elders have been victimized, and it can negatively impact their health. Common perpetrators were discussed. Case studies demonstrated what constitutes fraud. Resources for reporting and getting help for victims were provided. The presentation aimed to increase awareness and reporting of elder financial exploitation.

1. Irving L. Faught, Administrator
Oklahoma Department of Securities
ELDER INVESTMENT FRAUD
AND
FINANCIAL EXPLOITATION

2. The Department’s presentation was interactive
and used Poll Everywhere to encourage audience
participation.
This technology allows the audience to answer
questions and shows the results live. It also allows
the audience to submit questions for response.
INTERACTIVE PRESENTATION

3. GETTING TO KNOW YOU
• Who do you work for?
• Hospital - 49% of the audience members
• Insurance Company - 20% of the audience members
• Department of Human Service - 8% of the audience members
• Department of Veterans Affairs
• Other - 22% of the audience members

4. GETTING TO KNOW YOU
• What is your primary field of expertise?
• Nurse or Nurse Practitioner – 85% of the audience members
• Social Worker - 10% of the audience members
• Psychologist
• Financial Counseling – 2.5% of the audience members
• Other – 2.5% of the audience members

5. GETTING TO KNOW YOU
• Have you come across financial exploitation in your practice?
• Yes – 65% of the audience members
• No – 25% of the audience members
• Maybe – 10% of the audience members

6. GETTING TO KNOW YOU
• Have you ever reported financial exploitation?
• Yes – 55% of the audience members
• No – 45% of the audience members

7. GETTING TO KNOW YOU
• Where would you report financial exploitation?
• To your supervisor – 25% of the audience members
• Adult Protective Services – 75% of the audience members
• Department of Human Services
• Police
• None of the above

8. GETTING TO KNOW YOU
• Is financial exploitation of “vulnerable” adults a crime?
• Yes – 95% of the audience members
• No
• Maybe – 5% of the audience members

9. GETTING TO KNOW YOU
• Does a patient’s financial health impact the patient’s overall health?
• Yes – 100% of the audience members
• No
• Maybe

10. GETTING TO KNOW YOU
• Is elder financial fraud elder abuse?
• Yes – 100% of the audience members
• No
• Maybe

11. GETTING TO KNOW YOU
• Are you required to report elder financial fraud?
• Yes – 90% of the audience members
• No – 2% of the audience members
• Maybe – 8% of the audience members

12. PURPOSE OF THIS PRESENTATION
• Awareness of Elder Fraud
• Your Take Away
• Relevance
• Reporting
• Resources
• Remedies

13. RELEVANCE
• Who do you think is effected by financial fraud?
• Persons with wealth
• Stock Market Investors
• Retirees – 5% of the audience members
• Greedy individuals
• All of the above – 95% of the audience members

14. • 1 out of 5 persons over 65 have already been victimized by elder financial fraud (7.3 million).
• Elder population is growing and financial losses impact many aspects of the elder person’s life
including the ability to purchase:
• Health Care
• Medicine
• Food
• Housing and
• Medical services
• 1 out of 5 health care professionals are aware they are often dealing with elderly victims of
financial fraud.
RELEVANCE
ELDER INVESTMENT FRAUD

15. ELDER FRAUD PUBLIC SERVICE ANNOUNCEMENT
Click to watch this 30 second PSA

17. CASE STUDY
• Mr. Ladd is an 83 year old man who lacks financial
capacity due to Mild Cognitive Impairment (MCI). Mr.
Ladd has involved his son Charlie in some financial
decisions. While Mr. Ladd is a conservative investor,
Charlie likes to take risks. He invests a large portion of
his father’s retirement funds in a risky stock. Soon
afterwards, the stock falls dramatically. Out of
embarrassment, Charlie doesn’t tell his father what he
has done.
Is this fraud?

18. INVESTMENT FRAUD IN OKLAHOMA
Click to watch the 3 minute trailer of:
Anatomy of Fraud - Catching a Con in
Pottawatomie County

19. CASE STUDY
• Mrs. Angelotti is an 86-year-old recent widow. Her daughter,
Mae, hires a care caregiver, Jennifer, to help around the house.
Mae notices that Jennifer is acquiring lots of new things. Then
Mae discovers she cannot access her mother’s accounts
anymore. She visits her mother; Jennifer is no where to be
found.
• Jennifer had unduly influenced Mrs. Angelotti into signing a
durable power of attorney. She then depleted Mrs. Angelotti’s
retirement funds. Once Mae realized what was happening,
Jennifer took what was left of Mrs. Angelotti’s savings and fled.
Is this fraud?

20. ELDER FRAUD PUBLIC SERVICE ANNOUNCEMENT
Click to watch this 30 second PSA

21. ELDER PATIENTS ARE MORE VULNERABLE TO
FINANCIAL FRAUD
• A large number of Oklahoma Department of Securities cases involve elder fraud.
• Example:
• AARP mailings were used by a company to set up trusts for elders. Once the
company obtained financial information from the elderly victims they would sell the
elderly victim an investment that allegedly guaranteed a 10-20% risk free return.
• Elderly Investors invested all of their retirement savings and lost everything.
• The results of the scam on elderly investors include:
• Not being able to afford medical care
• Having to move in with their adult children
• Having to return to work, and
• Having a stroke due to the stress of the financial loss.

22. • Con-Man
• Care-giver
• Family Friend
• New Acquaintance
• Cold Caller
• Financial Expert
• Counselor
• Family Member
• Community or Church Member
• Broker/Dealer agents
• Registered Investment Adviser
• Insurance Agents
• Securities Issuers
WHO COMMITS FINANCIAL FRAUD
Registered / Licensed Individuals Unregistered Individuals

23. OKLAHOMA REGISTERED AGENT PONZI SCHEME
Click to watch the 3 minute trailer of:
"Anatomy of a Fraud: The Rogue Broker"

24. RELEVANCE
• Do you think that financial abuse of the elderly is relevant to your profession?
• Yes
• No

25. SENIORS NEED HELP IN REPORTING FINANCIAL
FRAUD
• Seniors are often unable to protect themselves
• Caregivers/family members can be the perpetrators of
the fraud
• The victim most likely will not want to get this
individual into trouble
• The victim may be in a nursing home
• You may be the only person that can help the victim

26. REPORTING
• Would you feel comfortable asking your patients about their money matters?
• Yes – 75% of the audience members
• No – 25% of the audience members

27. REPORTING
• Would your patients feel comfortable discussing their money matters with you?
• Yes – 45% of the audience members
• No – 55% of the audience members

28. Oklahoma Securities Commission
We are the state agency
responsible for regulating
the offer and sell of
investments in the state
of Oklahoma.
www.securities.ok.gov
Website has information
on matters we have
discussed today

29. REPORTING FINANCIAL FRAUD
Elderly Client Medical Professional
• Contact ODS at (405) 280-7775
• Go to our website,
www.securities.ok.gov, and fill out a
complaint form
• Engage private counsel
• Contact ODS at (405) 280-7775 and
report suspected fraud
• Confidential
• Leave message with
concerns and name of
potential victim
• Request a complaint form

30. REPORTING
• Would you feel comfortable reporting suspected elder financial abuse using a secure,
confidential hotline number?
• Yes
• No

31. REPORTING
• Why would you not feel comfortable reporting suspected elder financial abuse using a
secure confidential hotline number?
• Concerns about legal liability
• May cause more harm to the patient
• Do not want to get involved
• My supervisor will not allow me to report

32. RESOURCES
• Invest Ed® is your source of investor
protection in Oklahoma.

33. All materials are free
at
www.investedok.org
Invest Ed®

34. Senior Resources

35. Pocket Guide

36. REMEDIES
TYPES OF ODS ACTIONS
• Administrative
• Civil
• Criminal Referrals

37. QUESTIONS
• Has this presentation raised your awareness about elder financial abuse and the need to
report?
• Yes
• No
• If your answer is no, what suggested changes would you recommend?

38. QUESTIONS
• If you feel your elderly patient is being financially abused would you report it to ODS?
• Yes
• No
• If your answer is no, please explain.