Illinois Elder Fraud Statutes
Illinois defines financial exploitation as the “use of an eligible adult’s resources by another to the disadvantage of that adult or the profit or advantage of a person other than that adult.” Examples include:
- Misappropriation of assets or resources by undue influence
- Breach of a fiduciary relationship
If someone suspects that an elderly person is being exploited financially, they may report this. If the report is made in the victim’s best interests, the person will be immune from any civil or criminal liability.
If financial exploitation has been substantiated and there is a “reasonable belief that the eligible adult will be irreparably harmed as a result,” the attorney general may order the assets of the elderly person to be frozen. This order will “prohibit the sale, gifting, transfer, or wasting of the assets of the eligible adult, both real and personal, owned by, or vested in, the eligible adult, without the express permission of the court.”
Penalties for financial exploitation
When someone is found guilty of financially exploiting an elderly person in Illinois, this is a felony. However, depending on the assets involved, there are different classes of felonies:
- Class 4 – If the value of the property is $300 or less
- Class 3 – If the property is more than $300 but less than $5,000
- Class 2 – If the property is $5,000 or more but less than $50,000
- Class 1 – If the property is $50,000 or more or
- If the person is 70 or older and the value of the property is $15,000 or
- The person is 80 or older and the value of the property is $5,000 or more
Take action to recover lost money
Victims of elder financial fraud have a right to seek damages as the result of illegal activities. To learn how you may be able to recover lost funds through litigation or arbitration, get in touch with the Silver Law Group to speak with an experienced elder fraud attorney. Call us toll-free at 1-800-975-4345 or contact us through our online form.
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