Alaska Elder Fraud Statutes

In Alaska, elder fraud is defined as robbery or extortion of someone 60 years old or older. It can also involve offenses against property, or “exploitation of another person or another person’s resources for personal profit or advantage with no significant benefit accruing to the person who is exploited.”

Alaska doesn’t have a specific state statute governing elder fraud, but the state does have an Office of Elder Fraud and Assistance. This office works with law enforcement and social agencies to help older Alaskans who have been the victims of fraud. This could involve opening an investigation that includes issuing subpoenas, conducting interviews, and looking at “business records, advances, transactions, and relevant records associated with the alleged fraud committed against an older Alaskan.”

The authority to prosecute or otherwise legally address cases of elder financial fraud is derived from more general statutes governing Competitive Practices, Regulation of Competition, and Consumer Protection. Alaska Statute 45.50.471 covers all areas of unfair methods of competition or deceptive acts or practices, including:

• Misrepresentation of goods or services
• False advertising
• Employing deceptive tactics
• Making false or misleading statements
• Knowing concealing or suppressing information

Under AS 45.50.495, if the attorney general believes someone has violated AS 45.50.471, he or she can:

• Request the person make a written statement under oath concerning the transaction
• Examine anyone in connection with the transaction as well as records, documents, and accounts
• Issue subpoenas to witnesses or for the procurement of physical evidence
• Conduct hearings

It’s important for Alaskans who believe they’ve been victims of elder fraud to take action. The office of the attorney general can be of assistance, but it’s also worth seeking legal help from other sources. For years, the Silver Law Group has represented older investors and fought to get them the money they’ve lost due to unscrupulous financial advisors. To speak with an elder fraud attorney, call our office at 1-800-975-4345 or send us a message through our online contact form.