Another Sad Case Of Financial Abuse Of The Elderly
This is just another report of egregious behavior by a caregiver adding to the $2.6 billion in losses that the elderly suffers every year as a result of financial exploitation, as reported in Forbes. We have reported on financial abuse of the elderly on many occasions but this one takes the cake. A caregiver in Long Beach, CA, Li Ching Lu ripped off her 74 year old, helpless stroke elder to the tune of roughly $4 million between 2002 and 2010 by writing checks and laundering the money through 63 different accounts at 4 different banks. She was convicted of criminal financial abuse of an elder by forgery and fraud, resulting in a prison sentence of 4 years.
Notwithstanding the fact that California has a law requiring banks to report suspicious activity in seniors’ accounts to adult protective services or law enforcement, nobody noticed the unusual withdrawal activity in this 74 year old’s accounts. The massive withdrawals allowed the perpetrator to buy a new home, a Porsche SUV, a BMW, make huge jewelry purchases, pay for her son’s full tuition at a private university and support her gambling habits. Apparently, the caregiver isolated her victim from family, friends and her investment advisors and during this entire time period nobody seemed to notice or care what was going on, that is until it was too late and the banks reported that she had been cleaned out. Sadly, the victim passed away before the criminal case ever went to trial.