Authorities in New York arrested a woman last year for theft of hundreds of thousands of dollars from an 85-year-old man, in what experts refer to as a
“sweetheart scam.” In this case, the woman befriended an older man telling him hard luck stories, including that she had cancer, to persuade him to give her money. She eventually talked him into giving her his “power of attorney” and used it to obtain a home equity loan. She stole the equity loan funds.
Financial abuse and scams are serious concerns. They deprive seniors of their hard-earned assets and retirement savings. Making matters worse, seniors, with limited incomes and earning potential, are rarely able to recover financially.
Developed with SIFMA, the voice of the nation’s securities industry.