Massachusetts Elder Fraud Statutes
Financial exploitation in Massachusetts is defined as “an act or omission by another person, which causes a substantial monetary or property loss to an elderly person, or causes a substantial monetary or property gain to the other person.”
Duty to report
Massachusetts makes it clear that anyone who believes an elderly person is being exploited needs to report their suspicions. This report needs to include all relevant information about the abuse or exploitation and the people involved. The individual who makes the report will be immune from civil or criminal liability as long as it was made in good faith.
Elder fraud penalties
An elderly caretaker – which could be a fiduciary – “who wantonly or recklessly commits or permits another to commit abuse, neglect or mistreatment upon such elder” could face penalties of up to a three-year prison sentence and/or a fine of up to $5,000.
Victims of fraud have options for getting back lost money
Elder financial fraud is a crime that often does not get reported. If you are a victim, you can’t stay silent; not only should you tell someone, you need to explore your options for recovering lost money. Often the best way to do this is through arbitration, as the process can be much quicker and less expensive than going through litigation.
To find out if arbitration or litigation is the right choice for you, contact the Silver Law Group. We have been working with an older investor for years and have helped many people get money back. To speak with an elder financial fraud attorney, call us toll-free at 1-800-975-4345 or fill out our online contact form. The Silver Law Group works on contingency, which means we don’t get paid unless you recover money.
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