The Edmond Sun

Local News

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December 2, 2010

Agency to launch senior fraud prevention effort

Edmond detectives participating in new program

Mark Schlachtenhaufen The Edmond Sun

EDMOND — Edmond has an active population of senior citizens. Unfortunately they may someday find themselves the subject of fraud by a unscrupulous individual.

The financial exploitation of seniors has reached epidemic proportions in Oklahoma and across the country, said Bill Whited, deputy state long-term care ombudsman and chairman of the Oklahoma County Coalition Against Financial Exploitation of the Elderly, formed in 2005.

Whited said in recent years, the number of reported allegations of caretaker exploitation has nearly doubled. In FY 2010, 3,559 allegations of caretaker exploitation were reported to Adult Protective Services, a unit of the Oklahoma Department of Human Services.

The recession, the rate of drug abuse in the state and the “spoiled brat syndrome” have contributed to the increase, Whited said. Sometimes, the fraud is difficult to detect early, but the effects can be long-lasting.

“Some of these individuals are losing their whole life savings,” Whited said.

Craig Davis, AARP of Oklahoma associate state director, said Americans lose $10 billion a year in fraudulent investments, according to the Federal Trade Commission. The elderly are an attractive target because they often have vast assets, Davis said.

Edmond Police Detective Mike Chesley said he has investigated cases in which seniors have been defrauded from several thousand dollars to $250,000.

To combat elder abuse and fraud the Oklahoma Securities Commission is part of a groundbreaking new elder investment fraud and financial exploitation prevention program, planned to roll out this spring.

Agency Administrator Irving Faught said the program will work with Oklahoma’s medical professionals to detect cases in which seniors are being scammed or are in danger of being scammed by an investment con artist.

This is especially true of seniors with mild cognitive impairment, Faught said.

The program will educate a large number of medical professionals about how to spot seniors who may be vulnerable to financial abuse or are victims of financial abuse, and refer them to relevant personnel within the Oklahoma Securities Commission or Adult Protective Services, Faught said.

“Seniors have long been the target of unscrupulous investment scam artists,” he said.

Whited said this type of approach, which is needed, can be effective in combating financial exploitation of seniors.

Whited said Chesley and fellow Edmond Detective Matt Terry have been active in this issue. Chesley said the Oklahoma County Coalition Against Financial Exploitation of the Elderly has given Edmond information and support, and they brainstorm from time to time.

Chesley said elderly are victims of various scams often, and family members are often detached from the lives of their elderly loved ones. He encouraged Edmond residents to when appropriate keep a watchful eye on their finances, and to be wary of sudden new “friends,” especially younger persons.



marks@edmondsun.com | 341-2121, ext. 108

THE DETAILS

WHRE TO GET HELP OR INFORMATION



To report suspected abuse of any form, child or adult, call the state’s 24-hour hotline at 1-800-522-3511.

For a listing of available senior citizen-related programs visit the Oklahoma Department of Human Services Web site www.okdhs.org and click on “older persons” located in the center of the home page under “Programs and Services for ...”

The senior fraud prevention program’s Clinician’s Pocket Guide and patient brochure are available on the Invest Ed Web site, investedok.org. Medical professionals with questions about the new initiative should call Lisa Angelotti, 325-5162 or e-mail Irving Faught at ifaught@securities.ok.gov.

The full 2010 Investor Protection Elder Fraud Survey also is available on the Invest Ed Web site. To learn more about protecting yourself, family members or friends from investment fraud, the Invest Ed programs or to access free, unbiased resources, visit investedok.org.

For more information on AARP’s investor protection efforts, visit www.aarp.org.

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