financial exploitation of vulnerable adults florida
This is most often true when the exploiter is another family member. Often, the person believed to be the exploiter holds a position of fiduciary authority for the vulnerable adult. If the exploiter is not quickly stopped, the result can be devastating. “Exploitation” means any act taken by a person who has the trust and confidence of an older person or a vulnerable person or any use of the power of attorney or guardianship of an older person or a vulnerable person to: “Exploitation” means a person of trust and confidence who knowingly, by “deception or intimidation,” permanently deprives the vulnerable adult of money or property.The statute covers a broad range of conduct that could result in exploitation.
If you are a close friend or family member, you likely could go to court and show “standing” inasmuch as you are interested in the welfare of the principal and that you have a good faith belief that court intervention is needed. Fortunately, they have the protection of Florida law. (2019).
In most cases, it involves exploitation by someone known to the victim, but in plenty of scams strangers target individuals with disabilities and the elderly online, by phone and through other means. The money is gone forever, and/or the cost of recovering the money is economically unfeasible.If action is taken as soon as exploitation is discovered, there are many remedies a court can impose to recover the money or property taken. In addition, not later than three days after the delay was first placed, the securities dealer or investment adviser must notify the Florida Office of Financial Regulation of the delay electronically on a form prescribed by OFR Rules. Florida Governor Ron DeSantis has signed historic legislation that is designed to protect vulnerable investors from financial exploitation.
Under Florida’s new Power of Attorney Act, section 709.2116(1), a court may review any act of a power of attorney, and may remove the agent or grant any other appropriate relief if the court finds that the agent breached his or her fiduciary duty. However, a “good faith” belief needs to be more than just a guess. Practically speaking, the requirement that the vulnerable adult or his or her legal representative bring the action against the exploiter can limit the effectiveness of the statute.
The delay expires 15 business days after the date on which it first was placed, although the securities dealer or investment adviser may extend the delay for an additional 10 business days if review of available facts and circumstances continues to support a reasonable belief of financial exploitation.Within three business days after the date on which the delay first was placed, the securities dealer or investment adviser must notify in writing all persons authorized to transact business on the account and any trusted contact on the account unless the securities dealer or investment adviser reasonably believes that the person to be contacted is the person engaged in the suspected financial exploitation.
The Baby Boomers have reached retirement age and the “great wealth transfer” has begun. If you are a family member and believe your loved one is being exploited, take action immediately with competent legal counsel to review your options.
If the vulnerable adult is isolated and cut off from family or friends, access to the vulnerable adult away from the suspected exploiter is difficult, if not impossible.Remember, a “vulnerable adult” is not necessarily a person who is legally incompetent. We live in one of the most popular retirement states in our nation. If the court determines the alleged incapacitated adult is in fact incapacitated, then a guardian is appointed unless there are other reasons why one is not required.However, if the vulnerable adult is not known or believed to be incompetent, the options for a concerned family member or friend are limited. [i] http://www.cnbc.com/2014/07/22/great-wealth-transfer-will-be-30-trillionyes-thats-trillion-with-a-t.html by Cam Marston
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