New York Elder Fraud Statutes
According to New York’s department of Adult Protective Services, financial exploitation means the “improper use of an adult’s funds, property, or resources by another individual.” Examples include:
- Coerced property transfers
- Falsifying records
- Denying access to assets
In 2015, New York passed several new laws aimed at protecting older people from financial exploitation. Here is a rundown of some of the most important ones:Senate Bill S5905
This bill allows the New York State Committee for the Coordination of Police Services to Elderly Persons greater opportunity to help people. The ultimate goal is to “further protect elderly citizens from physical, emotional, and financial abuse.”Senate Bill S639
After this bill passed, it gave banks the authorization to refuse a monetary transaction if there is a suspicion of financial exploitation. Banks are also able to offer records and information to law enforcement or other officials during an investigation.Senate Bill S641
This bill expanded the definition of a caregiver under the law in order to protect elderly people from those who endanger their welfare. The definition now includes appointed guardians, volunteer caregivers, and someone with power of attorney.Senate Bill S624
This bill aims to protect mentally-impaired people from being exploited financially. It allows prosecutors to use subpoenas to get medical records showing that a patient suffers from a mental disability and that they were the victim of a crime.Penalties for Elder Fraud
In New York, the penalty for elder fraud is a class A misdemeanor. The sentence for this is a jail term of up to one year or three years probation. There may also be a fine imposed of up to $1,000 or twice the amount of money that was gained.
If you feel you were exploited and you lost money as a result, you may be able to recover it. Get in touch with the Silver Law Group to talk to an experienced elder financial fraud attorney. We are a contingency-based law firm, so unless you get money back, you won’t owe us a fee. Contact us toll-free at 1-800-975-4345 or through our online form.