Financial exploitation of the elderly: what you need to know

Financial Exploitation of the Elderly in Bloomington IL Decatur IL Clinton IL

Financial exploitation of the elderly or a person with a disability

Illinois law protects victims of financial exploitation of the elderly.

“A person commits financial exploitation of an elderly person or a person with a disability when he or she stands in a position of trust or confidence with the elderly person or a person with a disability and he or she knowingly and by deception or intimidation obtains control over the property of an elderly person or a person with a disability or illegally uses the assets or resources of an elderly person or a person with a disability.” 720 ILCS 5/17-56(a)

Illinois law allows victims to recover three times the amount of their loss

“A person against whom a civil judgment has been entered for financial exploitation of an elderly person or person with a disability shall be liable to the victim or to the estate of the victim in damages of treble the amount of the value of the property obtained, plus reasonable attorney fees and court costs.” 720 ILCS 5/17-56(g).

Who can bring a claim?

Any person over 60 can bring a claim for financial exploitation of the elderly.

What defendants are covered by the act?

A person stands in a position of trust and confidence with an elderly person or person with a disability when he (i) is a parent, spouse, adult child or other relative by blood or marriage of the elderly person or person with a disability, (ii) is a joint tenant or tenant in common with the elderly person or person with a disability, (iii) has a legal or fiduciary relationship with the elderly person or person with a disability, (iv) is a financial planning or investment professional, or (v) is a paid or unpaid caregiver for the elderly person or person with a disability.

Other potential claims

Victims of financial exploitation should also consider claims for:

  • Breach of Fiduciary Duty
  • Breach of Contract
  • Common Law Fraud
  • Conversion
  • Replevin
  • Tortious Interference with Expectancy
  • Petition to Set Aside Fraudulent Transfers
  • Appointment of Guardian
  • Action for an Accounting

Past results

  • Recovery of approximately 80 acres of farmland and $62,500 in breach of fiduciary duty case for an elderly client.
  • Judgment for $565,000 plus recovery of $250,000 in real estate for a disabled man.

Leave a Reply

Your email address will not be published. Required fields are marked *