On October 18, a new law went into effect that could be extremely beneficial to older investors. The Elder Abuse Prevention and Prosecution Act is a “multi-pronged approach to prevent elder abuse, protect victims, and prosecute perpetrators of elder abuse crimes.”
Immediately put in place are investigation and prosecution requirements for the Department of Justice (DOJ) in regard to crimes of elder abuse. Specifically, the new law will target telemarketing and email fraud designed to “induce investment for financial profit, participation in a business opportunity, or commitment to a loan.”
If someone is convicted of telemarketing or email fraud that targeted someone over the age of 55, they will be subjected to extra criminal penalties along with a mandatory forfeiture. The bill has also added health care fraud to the list of offenses that come with enhanced penalties.
Under the new law, now the DOJ has to do three things. First, it must designate Elder Justice Coordinators at the DOJ and in federal district courts. It also needs to ensure FBI agents get the necessary training. Finally, the agency is required to create a working group to offer policy advice.
The law mandates that the DOJ establish best practices for the collection of data related to elder abuse cases and investigations. This data will then be published with the aid of the Department of Health and Human Services. To further help elderly investors, the new law will also offer assistance for people who have become victims.
The Elder Abuse Prevention and Prosecution Act was introduced by Chairman of the Senate Judiciary Committee Chuck Grassley.
“Families across America … have been victimized by crimes targeting seniors, and as the population ages, we can expect more and more victims if we don’t act,” Grassley said. “The Elder Abuse Prevention and Prosecution Act takes meaningful steps to equip law enforcement, seniors and caregivers with additional tools so they can deter these crimes and hold perpetrators accountable.”
Were you the victim of elder financial abuse?
The Silver Law Group may be able to help you recover lost money through arbitration or other legal means. For a free consultation from an experienced elder fraud attorney, get in touch with us today. Call us toll-free at 800-975-4345 or send us a message through our online contact form.