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North Carolina Elder Fraud Statutes

North Carolina has a law called the Protection of the Abused, Neglected or Exploited Disabled Adult Act. In it, exploitation is defined as “the illegal or improper use of a disabled adult or his resources for another’s profit or advantage.” General statute 14-112.2 further expands on financial exploitation:

  • It is illegal for someone who is in a position of trust with an elderly adult or who has a business relationship with them to “knowingly, by deception or intimidation, obtain or use, or endeavor to obtain or use” their assets with the goal of depriving the elderly adult of the use or benefit of the assets.
  • It is also illegal for someone to conspire with someone else to use an elderly adult’s assets to benefit someone other than the elderly adult.
Duty to report

According to section 108A-102 of the act, if someone reasonably believes that an elderly adult is in need of protective services, they must make a report detailing the abuse. In addition, if a financial institution or employee thereof suspects financial exploitation, a report must also be made, as per section 108A-115. Anyone who makes a report in good faith will be immune from any civil or criminal liability.

Elder financial fraud investigation

After a report is found to be credible, section 108A-116 allows the district court to issue a subpoena to a financial institution in order to obtain the financial records of the elderly adult. All records and documents will be kept confidential unless they need to be disclosed during a court proceeding.

Penalties for elder exploitation

In North Carolina, there are different penalties for elder exploitation depending on the assets involved:

  • Class H felony – If the value of the assets is less than $20,000
  • Class G felony – If the value of the assets is $20,000 or more but less than $100,000
  • Class F felony – If the value of the assets is $100,000 or more

People who have lost money due to elder fraud may be able to recover it. An important step is to speak to an elder financial fraud attorney to learn about your options. For a free consultation, get in touch with the Silver Law Group. We have helped many older investors get lost money back, and we might be able to do the same for you. Call us toll-free at 1-800-975-4345 or fill out our online contact form.

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