While there are many different kinds of elder abuse, one specific form of abuse that is on the rise is financial elder abuse. The American Bankers Association reports that as many as one in five seniors has suffered some kind of financial abuse. Consumer Reports estimates that American seniors lose $30 billion annually to elder abuse. Most of the time, seniors are often too embarrassed about the situation to report the abuse. However, one high-profile case of elder abuse has made headlines recently. Newsweek reports on Stan Lee filing a lawsuit against his ex-business partner, accusing him of elder abuse.
Marvel Comic Book icon Stan Lee is accusing his former business partner of fraud and elder abuse in a lawsuit filed in Los Angeles Superior Court.
Lee claims in the lawsuit that while he was grieving the loss of his wife of 70 years, he became the target of unscrupulous people. The lawsuit names his daughter’s former business associate, Jerardo Olivarez as the perpetrator of the fraud.
Lee accuses Olivarez of firing Lee’s long-time banker and attorney as well as convincing Lee to sign power of attorney over to Olivarez.
Among other allegations, the lawsuit claims that Olivarez transferred an estimated $4.6 million from Lee’s bank account without permission. It also claims that Olivarez purchased an $850,000 West Hollywood condo for himself using Lee’s money. Another $1.4 million was transferred from Lee’s account to Olivarez’s.
Perhaps the most macabre allegation in the lawsuit is that Olivarez had a nurse extract several vials of Lee’s blood, which were then sold at a profit. Reportedly, Las Vegas comic stores were stamping the icon’s blood inside of Black Panther comic books and then selling them for $500 each.
Lee is seeking a full financial accounting from Olivarez as well as restitution in the lawsuit.
