1. Irving L. Faught, Administrator Oklahoma Department of Securities September 17, 2013 Bring Your Smart Phones and Tablets ELDER INVESTMENT FRAUD AND FINANCIAL EXPLOITATION Case Management Society of America – Oklahoma 2013 Educational Conference

2. GETTING TO KNOW YOU Who do you work for? Hospital Workers Comp Insurance Company Department of Human Service Department of Veterans Affairs More than one Other

3. GETTING TO KNOW YOU What is your primary employment field? Case Manager Nurse or Nurse Practitioner Social Worker Psychologist More than one Other

4. GETTING TO KNOW YOU Have you come across financial exploitation in your practice? Yes No Maybe

5. GETTING TO KNOW YOU Have you ever reported financial exploitation? Yes No

6. GETTING TO KNOW YOU Where would you report financial exploitation? To you supervisor Adult Protective Services Department of Human Services Police None of the above

7. GETTING TO KNOW YOU Is financial exploitation of “vulnerable” adults a crime? Yes No Maybe

8. GETTING TO KNOW YOU Does a patient’s financial health impact the patient’s overall health? Yes No Maybe

9. GETTING TO KNOW YOU Is elder financial fraud elder abuse? Yes No Maybe

10. GETTING TO KNOW YOU Are you required to report elder financial fraud? Yes No Maybe

11. PURPOSE OF THIS PRESENTATION Awareness of Elder Fraud Your Take Away Relevance Reporting Resources Remedies

12. RELEVANCE Who do you think is effected by financial fraud? Persons with wealth Stock Market Investors Retirees Greedy individuals All of the above

13. 1 out of 5 persons over 65 have already been victimized by elder financial fraud (7.3 mi lli on). Elder population is growing and financial losses impact many aspects of the elder person life including the ability to purchase: Health Medicine Food Housing and Medical services 1 out of 5 health care professionals are aware they are often dealing with elderly victims of financial fraud. RELEVANCE ELDER INVESTMENT FRAUD

15. CASE STUDY Mr. Ladd is an 83 year old man who lacks financial capacity due to Mild Cognitive Impairment (MCI). Mr. Ladd has involved his son Charlie in some financial decisions. While Mr. Ladd is a conservative investor, Charlie likes to take risks. He invests a large portion of his father’s retirement funds in a risky stock. Soon afterwards, the stock falls dramatically. Out of embarrassment, Charlie doesn’t tell his father what he has done. Is this fraud?

16. CASE STUDY Mrs. Angelotti is an 86-year-old recent widow. Her daughter, Mae, hires a care caregiver, Jennifer, to help around the house. Mae notices that Jennifer is acquiring lots of new things. Then Mae discovers she cannot access her mother’s accounts anymore. She visits her mother; Jennifer is no where to be found. Jennifer had unduly influences Mrs. Angelotti into signing a durable power of attorney. She then depleted Mrs. Angelotti’s retirement funds. Once Mae realized what was happening, Jennifer took what was left of Mrs. Angelotti’s savings and fled. Is this fraud?

17. ELDER PATIENTS ARE MORE VULNERABLE TO FINANCIAL FRAUD A large number of Oklahoma Department of Securities cases involve elder fraud. Example: AARP mailings were used by a company to set up trusts for elders. Once the company obtained financial information from the elderly victims they would sell the elderly victim an investment that allegedly guaranteed a 10-20% risk free return. Elderly Investors invested all of their retirement savings and lost everything. The results of the scam on elderly investors include: Not being able to afford medical care Having to move in with their adult children Having to return to work, and Having a stroke due to the stress of the financial loss.

18. Con-Man Care-giver Family Friend New Acquaintance Cold Caller Financial Expert Counselor Family Member Community or Church Member Broker/Dealer agents Registered Investment Adviser Insurance Agents Securities Issuers WHO COMMITS FINANCIAL FRAUD Registered / Licensed IndividualsUnregistered Individuals

19. RELEVANCE Do you think that financial abuse of the elderly is relevant to your profession? Yes No

20. SENIORS NEED HELP IN REPORTING FINANCIAL FRAUD Seniors are often unable to protect themselves Caregivers/family members can be the perpetrators of the fraud The victim most likely will not want to get this individual into trouble The victim may be in a nursing home You may be the only person that can help the victim

21. REPORTING Would you feel comfortable asking your patients about their money matters? Yes No

22. REPORTING Would your patients feel comfortable discussing their money matters with you? Yes No Maybe

23. Oklahoma Securities Commission We are the state agency responsible for regulating the offer and sell of investments in the state of Oklahoma. www.securities.ok.gov Website has information on matters we have discussed today

24. REPORTING FINANCIAL FRAUD Elderly ClientMedical Professional Contact ODS at (405) 280-7755 Go to our website, www.securities.ok.gov, and fill out a complaint form www.securities.ok.gov Engage private counsel Contact ODS at (405) 280-7755 and report suspected fraud Confidential Leave message with concerns and name of potential victim Request a complaint form

25. REPORTING Would you feel comfortable reporting suspected elder financial abuse using a secure, confidential hotline number? Yes No

26. REPORTING Why would you not feel comfortable reporting suspected elder financial abuse using a secure confidential hotline number? Concerns about legal liability May cause more harm to the patient Do not want to get involved My supervisor will not allow me to report

27. RESOURCES Invest Ed ® is your source of investor protection in Oklahoma.

28. All materials are free at www.investedok.org Invest Ed ®

29. Senior Resources

30. Pocket Guide

31. REMEDIES TYPES OF ODS ACTIONS Administrative Civil Criminal Referrals

32. QUESTIONS Has this presentation raised your awareness about elder financial abuse and the need to report? Yes No If your answer is no, what suggested changes would you recommend?

33. QUESTIONS If you feel your elderly patient is being financially abused would you report it to ODS? Yes No If your answer is no, please explain.

34. QUESTIONS FOR US????