How Criminals Steal $37 Billion a Year From America's Seniors

About 5 million older Americans are financially exploited each year, with one financial services firm estimating that they lose up to $36.5 billion annually, reports Financial Advisor . Yet a 2016 study by New York State's Office of Children and Family Services said this is likely a conservative figure. Weill Cornell Medicine's Mark Lachs says senior abuse victims die three times faster than those who have not been abused, calling it a "public health crisis." Experts say in many cases of senior financial abuse it appears the victim gave consent, but it is frequently based on manipulation or deception. Victims often "have some level of cognitive impairment, which makes it really difficult for them to figure out the truth of what's going on," says Seattle prosecutor Page Ulrey. Practitioners and public officials also note the federal government's response has been severely lacking. "The big story is the dearth, the complete nonexistence, the shameful scandalous absence of any credible prevention or intervention research," says former Justice Department attorney Therese Connolly. Still, in February, the Justice Department announced "the largest coordinated sweep of senior fraud cases in history," charging more than 250 individuals with schemes that caused 1 million mostly older Americans to lose more than $500 million. Moreover, the National Conference of State Legislatures says 39 states and the District of Columbia addressed senior financial exploitation in 2017's legislative sessions, with more than half enacting legislation or adopting resolutions.