The Trump Administration received criticism earlier this year for overturning a rule that prevented nursing homes from including arbitration clauses in their contracts for admission. They have also received criticisms for cuts to Medicare and Medicaid, two programs which seniors rely on for nursing home coverage. However, the Trump Administration is taking steps to combat a growing concern: elder abuse, and in particular, financial elder abuse. The Dallas News reports on how Texas is cracking down and the Business Record reports on how Trump signed a bill into law designated to crack down on these crimes.
Last month, President Trump signed into law the Elder Abuse Prevention and Prosecution Act. The law cracks down on the abuse of seniors, particularly fraud. Specifically, targeted are telemarketing campaigns and email campaigns designed to procure investment for profit.
Under the new law, these offenses are now open to receiving enhanced penalties. Health care fraud is also included within the language of the new law.
Texas has also been gearing up to prosecute these crimes. In September, the Elder Financial Protection Act took effect in the state. The law enables financial advisors and bank employees to step forward when they see or think something is amiss.
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People age 50 or older control 70% of the nation’s wealth, which emboldens scammers to try and steal that money. With the passage of the law, now financial advisors, bank employees, and stock brokers have the power to contact law enforcement if they believe abuse is occurring. It also allows these financial advisors the option of freezing accounts for up to 10 days after contacting law enforcement.
Have you or a loved one been the victim of elder abuse? You may have a case. Let the capable attorneys at the law offices of Schenk Smith fight for you. Call us today.
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